Company Name:
Lishui Huanqiu Bearing Trading Co., Ltd.
Company Address:
No.11 Shiting Road, Shuige Industrial Zone,Lishui, Zhejiang,China
Contact Person: William
Email: admin@tradebearings.com
Homepage: www.asiabearings.com
Bearing B2B: www.tradebearings.com
VAT and duty on imports
If you want to move goods into the UK, you will have to understand how various tax and duty payments are calculated and how they are paid. The classification and origin of the goods will affect the amount of import duty and VAT you pay. Find out about classifying your goods in our guide on classification of goods.
The most useful reference is a customs handbook, the Integrated Tariff of the United Kingdom (the Tariff), which is used to help classify goods and gives you the information you need for importing and exporting goods in or out of the UK. The Tariff also contains the commodity codes and procedures that will enable you to complete your Single Administrative Document (SAD) for importing and exporting goods.
To classify goods, you'll need a Commodity Code so that customs can apply the correct rates of duty and VAT. These are listed in Volume 2 of the Tariff.
Your SAD must also show the accurate value of your imports. This value is used to calculate any duty or VAT liability. If your invoice is in a foreign currency the invoice value has to be converted to sterling. See our guide to valuation, declarations and statements.
If you import from certain countries outside the European Union (EU), you may be able to benefit from Import Preference. This scheme allows you to import goods originating from these countries with a reduced or nil import duty rate. You must show that the goods have originated in a country with preferential import status. Proof of preferential origin is issued in the country of origin and submitted in the country of import. For more information on import preferences, see our guide on rules of origin.
You may have to pay additional duties in some instances. One instance of an additional duty is where the EU decides that products from certain countries are being sold at such a low price as to be damaging to an EU industry. See our guide on anti-dumping and countervailing duties.
Import charges should be paid following certain procedures, and the most efficient of these is the Deferment Account for both collection and clearance of goods. A deferment account lets users defer paying the importation levies until a prescribed payment day. To open an account you'll need to supply financial security to cover every sum you defer up to an overall maximum amount in any calendar month. Your agent can also use a deferment account on your behalf.
VAT may not need to be fully secured if you use a Customs-approved Simplified Import VAT Accounting (SIVA) scheme.
