Isle of Man Customs and Excise requirements
International trade business seeking to use the Isle of Man Entry Processing Unit (EPU) facility must apply to Isle of Man Customs and Excise and obtain the following:
- An Isle of Man VAT registration - as the business will be importing and trading in goods to, from and within the combined territories of the Isle of Man and United Kingdom, there is a legal liability for all such business to become VAT registered.
- An EORI - Economic Operator Registration and Identification number. This is a unique identifier which will, in due course, identify a single trader for use across the whole of the European Union for Customs, Excise and VAT purposes. The EORI is based on the entity's VAT registration number hence becoming VAT registered is the first step for any prospective importer.
- Duty Deferment Account - this is a security backed account with Isle of Man Customs and Excise which allows businesses to defer payment of their import duties/taxes on a monthly basis. For each month the duties/taxes are charged to the account with payment being made on 15th day of the following month via direct debit (for example, for imports throughout January the duties/taxes are deferred until the payment date of 15 February).
- If you use Duty Deferment, you need to give a financial guarantee to make sure you can meet the cost of any VAT and duties due on imported goods. To help businesses keep their costs down, Isle of Man Customs and Excise can sometimes reduce the amount of this guarantee so it only has to cover customs and excise duties, and not the VAT. This is done using the Simplified Import VAT Accounting (SIVA) scheme.
C1200 (MAN) - Application for Approval of Deferment Arrangements
C1201 (MAN) - Guarantee for Payment of Sums Due to Customs and Excise
C1202 (MAN) - Direct Debit instruction, and, if appropriate:
C1207N (MAN) - Standing Authority for Agents to request Deferment of Duty Payment against Importers Deferment Approval Number
SIVA 1 (MAN) - Application for Simplified Import VAT Accounting
- CFSP (Customs Freight Simplified Procedures) Authorisation - either through an existing agent based in the Isle of Man or applied for by the business direct. This ensures all aspects of Customs and Excise requirements fall under the control of Isle of Man Customs and Excise. Authorisation to use CFSP is required and Isle of Man Customs and Excise will assist business to achieve this status.