What is Bonded Storage?
At Magnavale we have extensive experience handling imported food products including goods that are held on bonded storage.
Bonded storage is popular for businesses importing goods because no import duty has to be paid until the goods are sold onwards. For the period where the stock is in storage and does not enter the UK market, the items in bonded storage can be exempt of duty and VAT charges. Once stock leaves the bonded store and enters circulation, the duty and VAT must be paid.
Types of Bonded Storage – Wet Bonded Warehousing & Dry Bonded Warehousing
There are two types of bonded storage, wet and dry. Wet bonded warehouses are able to store tobacco and alcohol whereas dry bonded warehouses are for everything other than alcohol or tobacco. At Magnavale, our bonded storage is strictly for food products, and we do not currently store alcohol. Our cold storage facilities comply with the BRCGS AA standard.
Centrally located HMRC-Approved Bonded Storage
Not all coldstores are bonded. To become a bonded warehouse, the warehouse or cold store must become verified by HMRC. Currently, our cold stores based in Chesterfield, Warrington and Easton are bonded coldstores.
As well as providing export-approved cold storage and bonded storage, Magnavale Chesterfield, Warrington and Easton offer various export-related services which complement bonded storage, such as container loading/unloading and pallet inversion services.
If you are interested in bonded storage or would like to learn more about export-related cold chain services, make an enquiry below.
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