SteveRS Posted February 3, 2012 Share Posted February 3, 2012 Someone on here must know the answer to this. If i import something from the US at wholesale price, do i put down as the valuation for the import tax and duty as the price i paid for the item or the original manufacturers price before wholesale discount? I've had a look on the internet but there doesn't seem to be a clear answer to this. Any help is appreciated. Quote Link to comment Share on other sites More sharing options...
Neilp Posted February 3, 2012 Share Posted February 3, 2012 the price you pay. But be aware items may only be insured for this much if this is the case Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 3, 2012 Author Share Posted February 3, 2012 the price you pay. But be aware items may only be insured for this much if this is the case Nice one Neil, cheers pal. Quote Link to comment Share on other sites More sharing options...
Neilp Posted February 3, 2012 Share Posted February 3, 2012 delivery isnt included in the valuation either mate, so just your basic price of the item. Tax and duty is only calculated on the goods Quote Link to comment Share on other sites More sharing options...
Neilp Posted February 3, 2012 Share Posted February 3, 2012 http://www.dutycalculator.com/ Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 3, 2012 Author Share Posted February 3, 2012 http://www.dutycalculator.com/ When i did a few quotes on here i assumed they took into account the cost of delivery and insurance as well, otherwise why would they ask for the costs? Quote Link to comment Share on other sites More sharing options...
sasha@lazytrips Posted February 3, 2012 Share Posted February 3, 2012 I was always under the impression that delivery and insurance have to be included in the taxable price. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 3, 2012 Author Share Posted February 3, 2012 I was always under the impression that delivery and insurance have to be included in the taxable price. I was thinking this too, as they ask for it on the duty calculator. Quote Link to comment Share on other sites More sharing options...
SteveW Posted February 3, 2012 Share Posted February 3, 2012 When I have bought stuff from the US it has always been that duty is charged on the cost of the item. Not on the cost of the delivery and insurance that's an extra. In essence it's like buying something VAT free from the uk, you add the VAT onto the item cost. You are essentially paying the VAT on the item. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 3, 2012 Author Share Posted February 3, 2012 Just did a little mock up quote on the duty calculator and they do charge you duty and VAT on the delivery cost as well!!! Quote Link to comment Share on other sites More sharing options...
Dave J Posted February 3, 2012 Share Posted February 3, 2012 VAT at 20% and Import Duty at 10% on the total cost is payable, when we import cars from Japan eg we pay the VAT & Duty on the total price paid and this includes the shipping costs Insurance has been mentioned and this is a good point, a good friend imported a Rolex from the USA and declared a cost of $700. The C&E (unluckily for him) picked up on this and then charged him the correct amount of VAT & Import Duty. The watch then went astray but then returned to light but upon collection the box was now empty!! He claimed on the insurance and guess what he got paid?? Yes, he got $700 An unfortunate but very true story!! Dave. Quote Link to comment Share on other sites More sharing options...
SteveW Posted February 4, 2012 Share Posted February 4, 2012 Well I'm surprised it's charged on the delivery too I stand corrected. Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted February 4, 2012 Share Posted February 4, 2012 I am afraid that unfortunately they do charge you duty and VAT on the shipping charge. Also remember that your local shipping agent will also charge you a handling charge. Alex. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 4, 2012 Author Share Posted February 4, 2012 I am afraid that unfortunately they do charge you duty and VAT on the shipping charge. Also remember that your local shipping agent will also charge you a handling charge. Alex. So when the company in America says its X amount delivered to your door, you then have to pay a handling fee for the delivery company who takes on the order in the UK? Quote Link to comment Share on other sites More sharing options...
Ekona Posted February 4, 2012 Share Posted February 4, 2012 Yup, that's how they make a good deal of their profit. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 4, 2012 Author Share Posted February 4, 2012 Yup, that's how they make a good deal of their profit. Hardly makes it worth importing stuff if the costs spiral once the hit England. Quote Link to comment Share on other sites More sharing options...
cmck13 Posted February 4, 2012 Share Posted February 4, 2012 yep and that's why your bottom feels a bit sore. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 4, 2012 Author Share Posted February 4, 2012 Might have to do a few test buys for my business venture then! Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted February 4, 2012 Share Posted February 4, 2012 Best just to buy from me mate and let me take all the grief Alex. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 5, 2012 Author Share Posted February 5, 2012 With all the tax, duty and handling fees it makes it hard to make any money on importing stuff, and it makes it hard to set prices for the products you import. Quote Link to comment Share on other sites More sharing options...
Tarmac@TarmacSportz Posted February 5, 2012 Share Posted February 5, 2012 Told you it wasn't easy Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 5, 2012 Author Share Posted February 5, 2012 Told you it wasn't easy Never doubted you on that either. Britain just loves getting their piece of the pie on EVERYTHING! Quote Link to comment Share on other sites More sharing options...
Tarmac@TarmacSportz Posted February 5, 2012 Share Posted February 5, 2012 I am afraid that unfortunately they do charge you duty and VAT on the shipping charge. Also remember that your local shipping agent will also charge you a handling charge. Alex. So when the company in America says its X amount delivered to your door, you then have to pay a handling fee for the delivery company who takes on the order in the UK? If you get something from a supplier that is send it via USPS for example then you will pay a handling fee when it switched to Royal Mail (our equivalent to USPS). It's normally a tenner or so and you can wait up to a month for it to clear customs Luckily my import account doesn't charge handling fees and all duty etc goes direct to the account. Plus it's usually three days turnaround from US. Quote Link to comment Share on other sites More sharing options...
SteveRS Posted February 5, 2012 Author Share Posted February 5, 2012 I am afraid that unfortunately they do charge you duty and VAT on the shipping charge. Also remember that your local shipping agent will also charge you a handling charge. Alex. So when the company in America says its X amount delivered to your door, you then have to pay a handling fee for the delivery company who takes on the order in the UK? If you get something from a supplier that is send it via USPS for example then you will pay a handling fee when it switched to Royal Mail (our equivalent to USPS). It's normally a tenner or so and you can wait up to a month for it to clear customs Luckily my import account doesn't charge handling fees and all duty etc goes direct to the account. Plus it's usually three days turnaround from US. You have a courier company don't you? Is this why the turnaround is so quick? Quote Link to comment Share on other sites More sharing options...
Tarmac@TarmacSportz Posted February 5, 2012 Share Posted February 5, 2012 I have an import account, anyone can apply for one but if your not doing large volumes your rates will be sky high. Quote Link to comment Share on other sites More sharing options...
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