Import VAT & Air Freight

[nickjonesuk]

Hello,

How do customs work out the VAT on the commercial invoice if it is in USD? What exchange rate do they use and would they use the rate on the invoice date? Where do they get their exchange data from because everywhere I see the rate is different.

Also does anyone know the going rate for a 1.12554cm3 345KG air freight shipment from Ningbo, China to Manchester?

Thanks in Advance.

[Christiane]

well out of curiosity I took one of my Fedex invoice and checked the exchange rate against what I was charged by my bank, and it's the same exchange rate on the Fedex (to two decimals, not four), so it seems there won't be much difference from what the banks charge although some banks are worse than others. For instance I know someone with an Abbey account and he always seems to get worse exchange rate from them than I do from A&L. Bank transfer also can have better exchange rate. HMRC publish their own rates too.
As for your shipment, it's going to cost you quite a bit, if not urgent sea shipment will be a lot cheaper for that weight. I'd request a few quotes if i were you. I paid over £300 for 100kg.