Sole trader, what can I offset with Imports?

Discussion in 'International Business' started by peps1, Feb 6, 2018.

  1. peps1

    peps1 UKBF Newcomer Free Member

    5 0
    Hello guys, Just wondering if I could get a little advice to help keep my bookkeeping simple for when it comes to doing my tax return.

    If I order component from outside of the EU that is going to be incorporated into product an resold, I can offset the cost of the goods, but what about import duty and flat processing fees by the Royal Mail?
    Posted: Feb 6, 2018 By: peps1 Member since: Aug 6, 2013
  2. Scalloway

    Scalloway UKBF Legend Free Member

    14,222 3,034
    Any expense that is incurred wholly and exclusively for the business can be claimed.
    Posted: Feb 6, 2018 By: Scalloway Member since: Jun 6, 2010