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Re-claiming VAT from Imports
sticks144
Posts: 1 Newbie
in Cutting tax
Hi all,
I was wondering if someone could provide some advice please.
I currently import golf clubs from the USA which I then sell via various online marketplaces (very small scale - have sold around 20 clubs). I pay import tax and the VAT on the sale price and was wondering if there was any way I could reclaim the VAT by setting up a VAT registered business or something similar?
Thanks.
I was wondering if someone could provide some advice please.
I currently import golf clubs from the USA which I then sell via various online marketplaces (very small scale - have sold around 20 clubs). I pay import tax and the VAT on the sale price and was wondering if there was any way I could reclaim the VAT by setting up a VAT registered business or something similar?
Thanks.
0
Comments
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You can register for VAT and claim back the VAT you've been charged. However, you will then need to charge VAT on the sales to your customers, and pay that over to HMRC. Unless you are selling mainly to VAT registered businesses and think they would be happy for you to charge an extra 20% VAT on top of your current selling price, then the VAT will in effect come straight out of your profit.2
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