New small import business advice needed

alexburn

Hi,

Does anyone know where I can get some advice on tax etc involved in setting up an import business?

I have supplier contacts in China who I wish to purchase stock from costing approximately £11,000 a month. This is not something I have done before and obviously need advice on the best way to deal with import duty (even though the items should be duty exempt) and any other associated tax.

I would be quite happy to send over £11,000 per month to China from my personal bank account, but I expect that I will be asked many questions by my bank and liable to pay some sort of income tax- although this is the area I am unsure of!

Thanks
Alex