Moving to Ireland Plant and Stock

[The Soup Dragon]

We have started looking at properties to rent in the Republic of Ireland for our business with the possibility of closing down in the Uk and moving lock stock and Barrel. Brexit has been very hard for us. My naive question is if we move all of our plant , equiment and stock to a new Ltd company formed in Eire would be have to pay import VAT on this?

 

[WaveJumper]

I would think a conversation with your accountant is a must here, I don't know the answer but you want to make sure you cover all the bases especially transferring assets to a new company, you don't want anything coming back to bite you where it hurts.

 

[Paul Kelly ICHYB]

Also, speak to the Irish Development Agency - there may be incentives to move.

 

[Import Expert]

You would need to pay import VAT. BUT if you obtain Irish VAT registration (which I'm assuming you will), then you can opt to use Postponed VAT Accounting (PVA) so you don't physically have to pay anything out. It just goes on your VAT records as an input/output.

 

[Customs Geek]

Look into the Capital goods ( or transfer of a business to the EU) relief for businesses relocating. This is a relief available throughout the EU and offers duty and import VAT relief for goods that you own and will use in your business such as plant and machinery , computer equipment etc. the revenue.ie website has all the details.

I doubt you could get VAT or duty relief on stock you transfer though. Although we have free trade agreement not all goods shipped from the UK will be eligible for duty free entry. So say you had stock that was made in China that would be still be subject to import duty in ROI.