Import Charges

[russ_e]

Hi,

Im looking at importing 100 cycles from Thailand at a value of £2k plus £700 shipping. I understand that I wil have to pay VAT and Import Duty however, I'm unsure on how to calculate the charges.

I have the contact number for the HM Revenue and Customs advice line but wondered if anyone could give me a heads up before I call them.

Many Thanks

Russ

[Plotloss]

I cant remember the actual rate of import duty but I know you take the value of the goods, add the import duty and then you pay VAT on the lot.

[emicen]

Value of goods = A
Cost of handling/agent charges in Thailand = B
Cost of shipping = C
----------------------
Total of A + B + C = D

Import duty (E) = D x import duty %
VAT (F) = (D + import duty) x 17.5%

Total cost legally in the UK = D + E + F

I cant remember if you are charged duty and VAT on port handling charges in the UK (I'd assume they'll be in a container).

[Eric Mc]

If you are VAT registered, you will be able to claim the VAT element back (but not the Excise Duties).