Import VAT liability

muskoka

Free Member
Sep 30, 2010
25
3
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?
 
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??
 
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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.
 
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