Posted: 18/05/10 by RCS Logistics Ltd
RCS Logistics, a third party logistics (3PL) provider based in Corby, Northamptonshire, is working with several high profile UK importers who have moved their dry bonded goods to RCS to improve their cash flow and consolidate all their stock into one provider and one warehouse location, including onward distribution to customers. Having all their dry bonded stock in one location saves the customer time, cuts costs and simplifies systems and procedures.
Andy Barnes, Financial Director at RCS Logistics, comments: “Any company that imports dry goods into the UK can benefit. The customer can book their imported goods directly into RCS’ bonded warehouse and they will not need to pay customs duty and VAT until those goods are issued out of the warehouse. We are also one of the few, if only, dry bonded warehouse in the East Midlands. Corby is centrally positioned in the UK and so is ideal if a customer needs to use RCS not only for dry bonded warehousing, but also for onward distribution to its customer base.”
Fully approved and subject to regular audits by HM Revenue & Customs (HMRC), RCS’ bonded warehouse took 14 months to gain dry bonded status. The site is secure with 24/7 security, computerised stock systems and web-based access to stock records, which enables customers to view stock levels in real time.
Andy Barnes adds: “Once the customer notifies RCS that the imported goods are en route to the UK, RCS deals with all Customs procedures and related paperwork. This includes liaising with the client’s shipping agent, arranging delivery from the port of entry to the UK directly into RCS’ bonded warehouse in Corby. We then notify the customer once the goods are recorded and stored at our warehouse.”
When the customer wishes to issue the goods from bond, RCS makes the necessary arrangements with HMRC on their behalf, including payment of VAT and duty, as well as arranging onward delivery to a chosen destination if required.
Andy Barnes concludes: “Most businesses have some sort of borrowing facility at the bank. So rather than using this overdraft for VAT and import duty payments as imported goods enter the UK, why not delay these payments and use the money for more important, value-added investments by storing these goods in a bonded warehouse? It makes sound economic sense, particularly in a recession where cash flow can be a problem.”
For more information on how RCS Logistics can help your business improve its cash flow, please call the sales department on 0845 500 4005 or email: email@example.com