Businesses that regularly import goods or operate under common and Union transit procedures can apply for a customs comprehensive guarantee to secure their payment obligations for customs duty, excise duty, and import VAT. This single guarantee covers multiple duty and tax liabilities, streamlining the compliance process for frequent traders. The guarantee replaces the need for individual security arrangements for each transaction type, simplifying administration for businesses engaged in regular importation activities.
Source: HMRC (GOV.UK) – Read the original