Bonded Warehouse Explained: How Customs Warehousing Works and When to Use It
What is a bonded warehouse? A bonded warehouse, formally called a customs warehouse in UK law, is an HMRC-approved facility where imported goods can be stored without paying import duty or import VAT until they are released into the UK market or re-exported. Duty and VAT are “suspended” for the entire period the goods remain […]
Inward Processing Relief (IPR) Explained: How to Suspend Import Duty on Goods You Process and Re-export
What is IPR? Inward Processing Relief (IPR) is a UK customs special procedure that lets you import goods from outside the UK, carry out a process on them, such as manufacturing, repair, or incorporation into another product, and then re-export the finished goods without paying import duty on the materials you brought in. Duty is […]
Outward Processing Relief (OPR) Explained: How UK Businesses Can Send Goods Abroad for Processing and Bring Them Back at a Reduced Duty Rate
What is OPR? Outward Processing Relief (OPR) is a UK customs procedure that lets businesses temporarily export goods to another country for processing, repair, or manufacturing, and then re-import the finished goods at a reduced rate of import duty. Instead of paying duty on the full value of the re-imported goods, you only pay duty […]