How to calculate import duty/custom
Discussion
Hi, am trying to find out how to calculate import duty /customs etc on a watch purchased from out of UK. Below is my understanding. Please let me know if this is right or not. I understand there will be some sort of handling charge by shipping company
1. If it is bought out of UK but within EU I pay 20% VAT on purchase price
2.if bought our of EU, I pay VAT as well as customs duty. VAT 20% but i don't know how much customs duty.
Ta
1. If it is bought out of UK but within EU I pay 20% VAT on purchase price
2.if bought our of EU, I pay VAT as well as customs duty. VAT 20% but i don't know how much customs duty.
Ta
xyz123 said:
Hi, am trying to find out how to calculate import duty /customs etc on a watch purchased from out of UK. Below is my understanding. Please let me know if this is right or not. I understand there will be some sort of handling charge by shipping company
1. If it is bought out of UK but within EU I pay 20% VAT on purchase price
2.if bought our of EU, I pay VAT as well as customs duty. VAT 20% but i don't know how much customs duty.
The duty on a single watch is very low (around €0.80) which is below the collection threshold so you only have to pay the 20% VAT. If it's coming in via courier (rather than you carrying it in) then there will be a processing charge which varies but is often £12-£16.1. If it is bought out of UK but within EU I pay 20% VAT on purchase price
2.if bought our of EU, I pay VAT as well as customs duty. VAT 20% but i don't know how much customs duty.
Since I posted the question. I found this which answers the question.
https://www.gov.uk/goods-sent-from-abroad/tax-and-...
s said No Vat to pay within EU. 20%VAT on outside of EU align with customs duty which is 2.5% on goods between £136 and £630. For above £630 its item specific.
Thabks
https://www.gov.uk/goods-sent-from-abroad/tax-and-...
s said No Vat to pay within EU. 20%VAT on outside of EU align with customs duty which is 2.5% on goods between £136 and £630. For above £630 its item specific.
Thabks
xyz123 said:
Since I posted the question. I found this which answers the question.
https://www.gov.uk/goods-sent-from-abroad/tax-and-...
s said No Vat to pay within EU. 20%VAT on outside of EU align with customs duty which is 2.5% on goods between £136 and £630. For above £630 its item specific.
There's no collectable duty on a watch.https://www.gov.uk/goods-sent-from-abroad/tax-and-...
s said No Vat to pay within EU. 20%VAT on outside of EU align with customs duty which is 2.5% on goods between £136 and £630. For above £630 its item specific.
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