HM Revenue and Customs question (Lynw?)

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14/11/2007 at 11:34
Say, for instance, that someone purchased some diamond jewellery from somewhere in the Middle East- lets say Dubai for arguments sake, and the approximate UK value of the goods was £1500 but they were purchased fro about £600, what would the duty implication be assuming they were declared or, indeed, were discovered by a customs officer...
14/11/2007 at 11:41
Oh dear,been caught then ??

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14/11/2007 at 11:49
Harry Monk wrote
Oh dear,been caught then ??


Nope, it's a hypothetical question...
14/11/2007 at 12:11
lynw wrote
Duty/VAT is payable on what you actually paid regardless of the value of the goods in the UK.

If you think about it logically, UK traders buy goods in cheaply from other countries and then sell them marked up here. So they buy cheaper than the UK value. You cant charge duty/VAT on what they may sell for in the future, so its always done on what you paid. Otherwise no business would make a profit

Duty/VAT will be payable on the £600. That may take the actual cost up to around £900* but you will still be making a profit if you sold them at £1500.

HOWEVER... aint there always with HMRC ... if they suspect that you and the dealer have colluded and supressed the price so its artificially low to avoid duty/VAT payments, they can assess based on the market value.

HTH



*Ive worked on an average duty at 15%. It could be higher/lower tbh you would need to find out what the duty rate is for jewellry


Thanks, my mate was wondering how much he'd have been charged if he had got caught. So how would the customs bods know what had originally been paid for the goods?
14/11/2007 at 12:25
Nidge wrote
Say, for instance, that someone purchased some diamond jewellery from somewhere in the Middle East- lets say Dubai for arguments sake, and the approximate UK value of the goods was £1500 but they were purchased fro about £600, what would the duty implication be assuming they were declared or, indeed, were discovered by a customs officer...



Oh Nidge - at last you're going to make an honest woman of me.


PS How many carats?

"Its all gone quiet," said Roobarb.
"Too quiet," said Custard
"Quick, lets eat it before it gets cold"

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RIDES WITHOUT MIRRORS SLIDES UNDER JUGGERNAUTS
CORNERS LIKE A PENGUIN


VDsmugbride#2
ER6
14/11/2007 at 12:27
You also have to make sure that the diamonds aren't conflict diamonds and have a kimberly certificate or HMRC will sieze them!
14/11/2007 at 12:38
KR1Slapper wrote
Oh Nidge - at last you're going to make an honest woman of me.


PS How many carats?


1.5, but you will, almost literally, have to work your arse off for it. Be at my office in 1 hour - lubed or dry, I dont care
14/11/2007 at 12:39
Nidge wrote
1.5, but you will. almost literally, have to work your arse off for it.


is that what you call a carat on a stick?

"Its all gone quiet," said Roobarb.
"Too quiet," said Custard
"Quick, lets eat it before it gets cold"

TiT#162A



RIDES WITHOUT MIRRORS SLIDES UNDER JUGGERNAUTS
CORNERS LIKE A PENGUIN


VDsmugbride#2
14/11/2007 at 12:49
Nidge wrote
1.5, but you will. almost literally, have to work your arse off for it. Be at my office in 1 hour - lubed or dry, I dont care


But she doesn't leave here for another 45 minutes, she'll never make it

Good luck with the sloppy seconds btw

14/11/2007 at 12:49
I got stung for £53 the other day on a shock i'd ordered from the States.

Fuckers
14/11/2007 at 13:30
For jewellery I would tend to wear it and either destroy invoice / packaging etc or post it back to my home address (I am thinking of my watch here)
14/11/2007 at 13:32
Hedgehog wrote
For jewellery I would tend to wear it and either destroy invoice / packaging etc or post it back to my home address (I am thinking of my watch here)


It's been a few years since I had my ear pierced....
14/11/2007 at 13:37
lynw wrote
Duty/VAT is payable on what you actually paid regardless of the value of the goods in the UK.

Duty/VAT will be payable on the £600. That may take the actual cost up to around £900* but you will still be making a profit if you sold them at £1500.

*Ive worked on an average duty at 15%. It could be higher/lower tbh you would need to find out what the duty rate is for jewellry


How does it get to 900 quid??? Sorry if I'm being picky, but interested as I'm thinking about a little business opportunity and this question is one I need to understand first (seeing an Accountant later this week, you might save me a tenner's worth of fees )

If it's 15% on 600 quid, plus 17.5% on the result that's 600 x 1.15 = 690, then 690 x 1.175 = 810.75. Or am I being stupidy accurate and your numbers were a rough guesstimate

Murphy's 6th Law 'if every thing appears to be going fine, you missed something'

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14/11/2007 at 14:04
Docca wrote
I got stung for £53 the other day on a shock i'd ordered from the States.

Fuckers


Was it a shock?
14/11/2007 at 14:13
so the 2000 fags i brought back from South Africa one year would have cost me about 60 pence tax then conncidering they were 20p per packet
14/11/2007 at 15:44
tufty wrote
Was it a shock?



Yes. I was stunned at the shock.
14/11/2007 at 15:47
I just hope it wasn't a terrible shock

14/11/2007 at 16:50
choc-ice wrote
I just hope it wasn't a terrible shock



It sounds like it was a tremendous shock.
14/11/2007 at 16:59
tufty wrote
It sounds like it was a tremendous shock.


I would recoil at the shock..in fact it would dampen the whole experience..although I am sure that I would spring back:burp:

Tu cara= mi culo 

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14/11/2007 at 17:01
Would you go out and get another, on the rebound?
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