Import duty/ VAT
Discussion
Hello,
A friend of mine is starting up a small business importing audio accessories from China for sale in the UK. What level of import duty will he have to pay, is it just VAT at 17.5% or VAT plus some other duty defined by the type of product ?
If VAT is paid on the landed cost I assume this can be claimed back if the company is VAT registered, however VAT will need to be charged on the sale price (is this the case if the company is not VAT registered due to low turnover ?)
Lots of questions but said I would give this forum a try for him
Thanks
Ben
A friend of mine is starting up a small business importing audio accessories from China for sale in the UK. What level of import duty will he have to pay, is it just VAT at 17.5% or VAT plus some other duty defined by the type of product ?
If VAT is paid on the landed cost I assume this can be claimed back if the company is VAT registered, however VAT will need to be charged on the sale price (is this the case if the company is not VAT registered due to low turnover ?)
Lots of questions but said I would give this forum a try for him
Thanks
Ben
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