VAT on imported items

Discussion in 'International Business' started by tee, Jul 1, 2010.

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  1. tee

    tee UKBF Contributor Free Member

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    Hi chaps

    Is there any way of 'cutting down' on the VAT you pay on items. We've got about £15k worth of stuff coming in and VAT is going to kill us for a first time venture, pm's welcome :)
     
    Posted: Jul 1, 2010 By: tee Member since: Oct 15, 2009
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  2. Christine Hough

    Christine Hough UKBF Big Shot Free Member

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    It is probably a silly question but are the items coming in from the EU?
     
    Posted: Jul 1, 2010 By: Christine Hough Member since: Mar 31, 2006
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  3. tee

    tee UKBF Contributor Free Member

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    Hi, no they'll be coming from the East
     
    Posted: Jul 1, 2010 By: tee Member since: Oct 15, 2009
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  4. Eagle

    Eagle UKBF Legend Free Member

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    Sell the items at a profit.
     
    Posted: Jul 1, 2010 By: Eagle Member since: Oct 3, 2004
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  5. Christine Hough

    Christine Hough UKBF Big Shot Free Member

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    I'm no expert but is there not a different tax applied here?
    I thought VAT was just when you bought things from the EU.

    You will get import tax charged by customs when they arrive.
     
    Posted: Jul 1, 2010 By: Christine Hough Member since: Mar 31, 2006
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  6. tee

    tee UKBF Contributor Free Member

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    As far as I was aware you get charged customs and VAT on all items imported :? Does anyone know the rate of the import tax mentioned?
     
    Posted: Jul 1, 2010 By: tee Member since: Oct 15, 2009
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  7. Simon12

    Simon12 UKBF Newcomer Free Member

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    VAT will be charged the only way to get around some of it is to get it sent to an EU country with a lower VAT rate. The import duty depends totally on what the goods are and could be anywhere from 0-100%.
     
    Posted: Jul 2, 2010 By: Simon12 Member since: May 20, 2009
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  8. Paul Kelly ICHYB

    Paul Kelly ICHYB UKBF Legend { Moderator }

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    Are the goods VATable?

    There is no legal way around this.

    Have you also taken into consideration possible duty, shipping costs, clearance charges, etc.

    If VAT registered, this shouldn't be a problem, unless you have a cashflow issue.
     
    Posted: Jul 2, 2010 By: Paul Kelly ICHYB Member since: Jan 21, 2008
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  9. tee

    tee UKBF Contributor Free Member

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    Not Vat registered yet, to be honest a large portion of the stuff is actually for personal use but there's still no way around the Vat/customs.
     
    Posted: Jul 2, 2010 By: tee Member since: Oct 15, 2009
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  10. deadgoodundies

    deadgoodundies UKBF Enthusiast Free Member

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    Yup as others have said VAT will always be applied.
    If it's coming from Asia then chances are you will also get hit with import duty and the clearing fee from the courier.

    When trying to source products I always first try and see if it's available from a country that has a free trade agreement with the UK so you avoid the import duty (EUR 1 certificate)
     
    Posted: Jul 2, 2010 By: deadgoodundies Member since: Aug 1, 2009
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