Tell HMRC more information if you are applying for a guarantee waiver for duty deferment payments in Great Britain
Find out what you need and how to apply for a guarantee waiver over £10,000 per month or tell HMRC more information about your finances.
You may need to send HMRC more information about your financial standing if you:
- are applying for a guarantee waiver over £10,000 per month
- do not file accounts at Companies House
- file consolidated accounts at Companies House
Applying for a guarantee waiver of over £10,000 per month
To qualify for a guarantee waiver for an amount over £10,000, you need to have positive net assets (excluding goodwill) greater than the value of the waiver you are applying for at the date of your application and at your most recent balance sheet date.
If your positive net assets (excluding goodwill) are less than the value of the waiver applied for but you meet the other approval conditions, you can:
- provide a partial guarantee to cover the shortfall
- accept a reduced deferral limit
Applying for a guarantee waiver of up to £10,000 per month
If you are applying for a guarantee waiver up to £10,000 per month you will need to provide additional information about your financial standing using the Proven Financial Solvency (PFS1) form if either of these circumstances apply:
- you do not file accounts at Companies House
- you file consolidated accounts at Companies House
If you do not submit a PFS1 with your application, we may also ask you to complete one if we need further information on your financial standing to make a decision.
Applying for a guarantee waiver if you are an Authorised Economic Operator
If you are an Authorised Economic Operators for Customs (AEOC and AEOF) you do not need to upload a PFS1.
Before you apply
You need to send information about your business finances for at least the last 3 years.
You will need to send:
- management accounts
- financial statements (draft and signed)
- forecasts
- loan agreements
- auditors’ reports
- reconciliation of management accounts to previous financial statements
If you are not able to give financial information for at least 3 years, you will also need to send forecast financial information.
How to apply
If you are required to complete a PFS1 as part of your duty deferment or guarantee waiver application you can do so by uploading a completed PFS1 form (PDF, 550KB, 7 pages) and supporting documents with your duty deferment application.
The size of the PFS1 and other documents submitted with your duty deferment application cannot be more than 25 megabytes (MB) in total. ZIP files cannot be uploaded.
If you need any assistance applying or completing the PFS1 contact HMRC.
After you apply
If there is a gap between your requested deferral limit and the amount of guarantee waiver you qualify for, we will advise you of your options to:
- provide a partial guarantee
- accept a reduced deferral limit
Last updated 2 March 2021 + show all updates
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This page has been updated because the Brexit transition period has ended.
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First published.