Quizzes & Puzzles14 mins ago
Customs & Excise advice needed
13 Answers
I want to import some silver jewelry from Thailand (for re-sale) & cannot seem to find out how much I would have to pay in import duty.
I have looked on the official website, but it is still not clear - does anyone have any useful information on this subject please ?
I have looked on the official website, but it is still not clear - does anyone have any useful information on this subject please ?
Answers
Best Answer
No best answer has yet been selected by DebsyDoo. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Does Googling Import Duty Calculator help? There seem to be quite a few web links come up, but I don;t know if you've already tried those. One of them is this one
http://www.dutycalculator.com/
http://www.dutycalculator.com/
Import duty on silver jewellery is charged at 2.5%
VAT is then calculated at 17.5%. It's charged on the sum of the value of the goods plus the import duty. (Yes, that's a tax on a tax!).
Then there's a customs examination fee to be paid. For small consignments, imported via the postal system, it's £8 per package. If you're buying by the container load, contact HMRC for details of the inspection fees which would apply.
Chris
VAT is then calculated at 17.5%. It's charged on the sum of the value of the goods plus the import duty. (Yes, that's a tax on a tax!).
Then there's a customs examination fee to be paid. For small consignments, imported via the postal system, it's £8 per package. If you're buying by the container load, contact HMRC for details of the inspection fees which would apply.
Chris
Based upon £250:
Import duty = £6.25 (but the duty is waived if it comes to no more than £7, so actually NIL).
VAT = £43.75
Fee = £8
Total to pay = £51.75
Note that the notional import duty is only just below the threshold at which it becomes 'real', so if the value of the goods is only slightly higher you'll also have a few more pounds to pay in duty.
Chris
Import duty = £6.25 (but the duty is waived if it comes to no more than £7, so actually NIL).
VAT = £43.75
Fee = £8
Total to pay = £51.75
Note that the notional import duty is only just below the threshold at which it becomes 'real', so if the value of the goods is only slightly higher you'll also have a few more pounds to pay in duty.
Chris
Hi Debsy,
Well going by Chris figures,I think it works out like this:~
Inital Amount £250.00
Import Duty at 2,5% £6.25
Which makes £256.25
VAT at 17.5% £ 44.84
Which makes £301.09
Plus £8.00 exanination fee gives a round toatl of £ 309.09.
I hope my maths are correct,if not can someone give a more precise fugure?
Well going by Chris figures,I think it works out like this:~
Inital Amount £250.00
Import Duty at 2,5% £6.25
Which makes £256.25
VAT at 17.5% £ 44.84
Which makes £301.09
Plus £8.00 exanination fee gives a round toatl of £ 309.09.
I hope my maths are correct,if not can someone give a more precise fugure?
-- answer removed --
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