HM Revenue and Customs question (Lynw?)

Its easy enough to be happy,when the world rolls along like a song

But a mans worthwhile,if he can smile when everythings gone fucking wrong

Adolf Hitler 1945  

Harry Monk wrote

Oh dear,been caught then ??

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

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...

KR1Slapper wrote

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


PS How many carats?

Nidge wrote

1.5, but you will. almost literally, have to work your arse off for it.

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

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)

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

Docca wrote

I got stung for £53 the other day on a shock i'd ordered from the States.

Fuckers

tufty wrote

Was it a shock?

choc-ice wrote

I just hope it wasn't a terrible shock

tufty wrote

It sounds like it was a tremendous shock.