A guide to Bonded Warehouses in the UK
UK importers and exporters have a list of bonded warehouses in the UK that they refer to when they need to team up with a partner that can help them improve supply chain management and cash flow.
A bonded warehouse is a location where goods that are being imported into a new market can be stored and processed. Customs taxes are not applicable on goods held in bonded warehouses. Any relevant duties are only due when the goods are delivered to their final destination. Bonded warehouses, which can be run either by the government, or by a private firm, can massively help with your inventory and cash flow management.
What services do bonded storage warehouses in the UK offer?
When goods are stored in UK based bonded warehouses, they can be relocated closer to their eventual destination, and any payments of duties can be deferred until the product arrives there.
This tactic offers substantial advantages for cross-border corporate trade. Bonded warehouses in the UK can be utilised to eliminate the immediate requirement to pay tariffs on imports and exports commodities, resulting in greater efficiency and a more flexible cash flow.
What are some of the key benefits offered by bonded warehouses in the UK?
Businesses that import and export huge quantities of products, particularly those subject to large customs duties, can profit significantly from bonded storage in the UK.
Shifting goods from one location –
typically from where they were first produced– to a UK based bonded warehouse allows them to be moved closer to your intended customer or market, without incurring tariffs upfront. Aside from the logistical advantages of bringing items closer to their final destination, deferring the payment of tariffs is extremely beneficial for cash flow.
A UK bonded warehouse is used by what type of individual and business?
Businesses and individuals selling items that are subject to customs duties when being imported or exported across borders employ such services from a list of bonded warehouses in the UK.
The use of bonded warehouses in the UK requires a fair amount of admin, such as obtaining licences and permits. As a result, enterprises that transport significant quantities of goods frequently choose to work with UK based bonded storage providers.
Bonded warehouses in the UK can be incredibly advantageous for businesses with regards to efficiency and cash flow.
Private bonded storages in the UK are owned and run independently, whereas public bonded warehouses are operated by a third party who then team-up with partners.
How do UK bonded warehouses differ from international ones?
Bonded storage facilities are often referred to as customs warehouses in the United Kingdom, and both Public and private versions of them exist here in the UK. All goods are subject to tariffs when they are transported from a warehouse to their final destination. It is necessary to declare the movement of commodities in order to calculate the correct tariffs.
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