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Need advice on importing goods from a non EU country
semelak1
Posts: 59 Forumite
in Cutting tax
I am a sole trader (not VAT registered) and will be importing food (and candies) from a non EU country.
The supplier I am getting the goods from does not charge taxes. I checked the following website
http://businesslink.gov.uk/bdotg/action/tariff?r.s=e&r.l1=1079717544&r.lc=en&r.l3=10738949 88&r.l2=1078304514&r.i=1073790604&r.t=RESOURCES
and the duty rate is 5%
Say that I want to import an Item costing me £100. I pay on top of that 5% making the cost £105. Do I need to pay VAT on top of what I paid ?
Now, say that I am selling the item for £120 here in the UK. Do the buyers need to pay VAT on top of the £120 I will be getting for the item ?
The supplier I am getting the goods from does not charge taxes. I checked the following website
http://businesslink.gov.uk/bdotg/action/tariff?r.s=e&r.l1=1079717544&r.lc=en&r.l3=10738949 88&r.l2=1078304514&r.i=1073790604&r.t=RESOURCES
and the duty rate is 5%
Say that I want to import an Item costing me £100. I pay on top of that 5% making the cost £105. Do I need to pay VAT on top of what I paid ?
Now, say that I am selling the item for £120 here in the UK. Do the buyers need to pay VAT on top of the £120 I will be getting for the item ?
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