What is a Bonded Warehouse?
Bonded warehouses are facilities that work under the control of customs authorities. They are often located near ports as they are licensed by the government to accept imported goods until the payment of customs duty.
The goods are held in a ‘bond’ meaning they can’t be withdrawn until the payment of customs duty and the consent of customs authorities is given. Once goods are stored in a bonded warehouse, it is against the law for owners to interfere with said goods without the permission of customs authorities.
Despite this, bonded warehouses still provide the services you would expect a public warehouse to provide. Goods being stored in a bonded warehouse are still able to be packaged and branded and therefore they are ready to be sold.
Benefits of Bonded Warehousing
There are a number of businesses that would benefit from the use of a bonded warehouse for the following reasons:
- If you opt to store your products in a bonded warehouse the payment of VAT and duty taxes is deferred until the goods in question have been removed from the facility. you will be provided with a bond by the warehouse manager that will guarantee there will be no loss of revenue when they are released from the warehouse.
- One of the primary benefits od using a bonded warehouse is the amount of time that your goods can be safely stored for. Holding goods for a period of 4 or more years, John K Phillips can also ensure that the quality of your products and goods will be preserved. Dry Containers, deep freeze systems, and bulk storage facilities are among the many systems that are in place to suit varying business disciplines.
- The most recognised benefit of using bonded warehouses is the money saving it is likely to result in. As the tax is deferred, and if the intention of the products is to be re-exported, duty is not expected to be paid. it has been reported by business owners that they have saved between 25% and 30% due to only being liable for VAT upon sales of the goods.
- You can be sure that your goods are in safe hands. John K Phillips bonded warehouses are monitored 24 hours a day by trained security personnel, who give special attention to refrigerated goods. You also have the benefit of top of the range security cameras, bar coding systems and inventory systems. Due to this, you can be assured as to where your goods are at all times.
- Regardless of your packages weight, shape or size, bonded warehouses will keep your goods safe and sound. Dealing with packages of all sizes and even perishable goods, John K Phillips are leaders in the warehousing industry.
- John K Phillips also offer delivery, logistics and distribution, therefore, can provide you a more efficient and complete service.
If you’re interested in bonded warehousing or a complete logistics service, don’t hesitate to contact John K Phillips on 01744 751000.