UK Customs deferment account.
 After what has been an exceptional year for Cargo Overseas we have been forced to increas our UK customs deferment account by 30% to cope with the import customs clearances we handle for our customers in the UK. After confirming that yet again our growth on exports has continued throughout 2010 on top of our IATA top 200 CASS spend increase in 2009 over 2008 this has been shadowed by our UK import customs clearance business.
Our UK import departments headquartered in Manchester and covering clearances at Liverpool / Felixstowe / Southampton and Manchester inhouse have seen considerable increases on our Far East and Indian markets. Both markets incur some of the highest duty rates that you would find with textile and garment imports being particularly high. As Cargo Overseas continue to open up and develop those markets we have seen an increase in customers who are operating without their own deferment account. Subsequently after increasing our UK customs deferment account back in February by 15% we have been forced to act and increase our UK customs deferment account again in September.
Our customs clearance division handle customs clearances for importers direclty and also for many other UK freight forwarders who may well have badge codes at one port or airport and rely on our countrywide coverage of badge codes to handle their UK import clearances at other ports. This can sometimes put a further strain on our UK customs deferment account and our reserve FAS account has coped with this admirably in July & August but with some large seafreight FCL business coming to fruition in the latter part of this year and an increase in our Sri Lankan and Indian inbound airfreight consolidation services we have taken the decision that to protect our customers best interests an increase was key to the fundemental growth strategy for the last quarter of 2010 and first quarter of 2011.
We are anticipating having to increase again in 2011 our UK customs deferment account with the VAT rate increase which will come into place on the 04th January having a marked increase on import costs.
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