When investing in the purchase of new heavy machinery, the availability of grants, interest rates and other economic factors may be significant in the timing of the decision, particularly if the investment is large and the payment of import duties and VAT becomes a considerable figure.
Often, the purchase of the machine can be funded using grants and loans which can be spread over manageable instalments. However, the payment of VAT and import duty is immediately payable in a lump sum. Using a bonded warehousing facility means that the machine can be purchased whilst funding is available and interest rates are favourable, but the payment of VAT and duty can be deferred until the machine is installed.
What is bonded warehousing?
By definition a bonded warehouse is a secure space, where goods liable to import duty or Value Added Tax (VAT) are stored, for a period of time until the goods are ready to be sold or moved to a new location.
This method of storage has obvious benefits for sellers who import and sell goods liable to these charges. By using our HMRC approved facility, we can help our clients defer payment of import duty and VAT on their machinery and equipment.
Key benefits of using Merritts bonded warehouse facility
As an approved HMRC bonded warehouse, Merritts must adhere to the following requirements:
Our HMRC approved warehouse has over 80,000 square feet of internal storage space which is fitted with high and low bay lighting, overhead craneage for the handling of goods up to 10Te in weight and offer eaves heights of up to 10m. Our site is surrounded by 2.4m palisade fencing and CCTV is in operation.
If you would like to make a bonded storage enquiry please contact a member of our team on 0800 046 9840.
Please note, as a heavy machinery moving specialist, our customs bonded warehouse is only approved for ‘dry’ status for the storage of equipment and machinery. We do not have a ‘wet’ licence and are therefore not licenced to store goods such as alcohol, fuel or cigarettes.