Duty deferment is a means of delaying payment to HMRC of customs duty (formerly including VAT) that falls due on goods entering the UK from overseas, which can also facilitate speedier clearance of the goods through customs. The duty payable is posted to a deferment account and collected the following month by HMRC by direct debit. From 1 January 2021, postponed accounting for import VAT (see above) has made this generally unnecessary for VAT, but those importing dutiable goods from outside the EU, or goods from EU jurisdictions that are not of EU origin (and therefore fall outside the tariff-free deal), may wish to apply for an account if they do not hold one already. Historically, a bank guarantee has been required to set one up, but this can now in many cases be waived. More details can be found here: www.gov.uk/guidance/apply-for-an-account-to-defer-duty-payments-when-you-import-or-release-goods-into-great-britain.