A Duty Deferment Account allows you to defer duties and taxes on your imported goods. To open up an account, a formal application must be made to H.M. Customs and Excise. To obtain a Duty Deferment Account, your bank must stand as guarantor. Once you have received approval from HM Customs and Excise they will issue you a unique 7-digit number, which can be quoted on your import entries. Your import broker or agent can use this number to defer your duty and taxes on your imports. Approval for your broker or agent to use your number can be either with specific approval (Fax approval) or standing authorization (by completing Customs form C1207N and filing the form with Customs). A Duty Deferment account is not essential for all importers; it does, however, simplify the accounting and management of your duties and taxes.