Making a profit in New York

hammy_the_hammer

Wizwoo wrote:

Leylauk is right KCharnock - when I went (admittedly some years ago now!) the tax you paid was higher in NY than in New Jersey and the bargains were definetly in New Jersey.
Have fun - NY is fantastic

woodbury common (aka central valley ) is in new york state so you still pay sales tax there. worth bearing in mind if you are going to visit another outlet village in new jersey or some other area where sales tax is less or non-existent than new york

onesocklizzie

A friend of a friend works for an airline and always brings back lots of cheap watches, mostly guess ones. He gets good money from them here.

Cook_County

Of course:

1. If you visit to buy for resale you are trading so need to register as self-employed and pay income tax/NIC on the profits.
2. Only £145 of goods can be brought back each trip so the money-making activities are likely to be small.
3. All of the stores mentioned above are those frequented by tourists. You'd save a lot more money if you shopped where the locals shop, but you'd still be paying retain plus sales tax (and VAT and Customs Duty).
After paying UK income tax as well is there much profit left from this trade?

ohreally

KCharnock wrote:

Ok, theoretically what can I make a lot of cash on?

My earlier tongue in-cheek comment on narcotics has hit a nerve with someone who reported the post. Appologies if it was taken inappropriately.

pin

Remember those VAT and duty limits coming back into the country!!

Also with electrical goods, its often the case the warranty will only extend to within the States.

Also, the power output will be different from over in the UK.