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muskoka
3rd October 2010, 13:21
I've checked out other strings and didn't see anything relevant to my query - if there is then sorry to repeat.
I have just formed a Ltd Co which has not yet traded but is about to. One of the product lines I intend to sell here in the UK is sourced from Canada. I am still unclear of the VAT requirements eg. Do I pay VAT? When exactly? Can I reclaim it - at present the company is not VAT registered?

David Griffiths
3rd October 2010, 13:43
VAT and any import duty is levied at the port or other point of entry into the UK.

And no you cannot reclaim the VAT if you are not VAT registered

Williams lester
4th October 2010, 05:50
You shouold be speaking to an accountant about this, if you are unsure whether you pay import duty and VAT how do you know what price to sell your product for??

muskoka
4th October 2010, 09:24
You shouold be speaking to an accountant about this, if you are unsure whether you pay import duty and VAT how do you know what price to sell your product for??

You are right of course but as this is a new company we have yet to sort an accountant. The reason for asking about VAT was to determine what costs are involved so that I can set my pricing etc, or even decide whether the product is a viable proposition. Early days!
Thanks for your advice guys, it is appreciated.