A customs bonded warehouse is a secure space which allows you to store goods imported from outside of the EU. Import duty and VAT charges are deferred until the goods are sold or removed from the bonded warehouse, which bring many benefits to businesses who import goods.
What are the benefits?
Improve cash flow: Defer import duty and VAT charges until your products are sold or leave the warehouse.
Save costs: Fluctuating demand may mean that goods sell slowly, therefore duty can be paid according to demand. If the goods are re-exported, duty will not be payable in the UK but instead it will be paid in the country of destination, avoiding double payment of duty.
Improve customer service: Goods can be imported and stored in the warehouse well in advance of any seasonal peaks so they are available immediately for customers, improving your service.
The Storage Place is one of only a few independent storage companies in the North East of England with a bonded warehouse license, approved by HM Revenue and Customs.