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Hi all,
Thinking about ordering some wheels from America and I've been told I'm going to get stung with import tax and vat? How does this work?
I've been on customs website and its all just a load of words and numbers to me (idiot)
Can someone explain it so I know what to expect if I do decide to get these wheels?
Thanks
Expect to pay at least 25% on top of the price of wheels + shipping
Did you not ask this on DW the other day there?
Dont forget the VAT on the shipping too!Quote:
Originally Posted by Actual_Ben_Taylor
plus the customs fee.
Allocate a 3rd of what you spend and if you get change it's a bonus :)
I got stung for £163 iirc when i imported my wheels from the states, the seller just marked the value of the goods less than they actually were (I paid via credit card through PayPal and paid the fees)
That was less than half of what it should have been.
I thought it was 10% import tax on the goods price then 20% vat on the cost of the goods and delivery
Based on a set of wheels for $1000 and shipping of $100:
Total customs value: £738.47
- Duty: £22.15 (3%)
- VAT: £152.13 (20%)
Total import duty & taxes due: £174.28
Total landed cost: £912.75
(At USD/GBP exchange rate of 0.671)
There will probably be handling charges on that plus extra if you have insurance, hence me saying 25% as a rough figure :)
You price your wheels and pay the delivery.
Then you apply the import duty.
Then you apply the VAT.
If you ring HMRC and ask for a comodity code you can reference exactly the import duty you will pay as it varies. I would go with Ben. My wheels were $1600 and I paid about 220 GBP fees on them from California.
Cheers for the help guys. Might wait a little longer before I get the wheels just So I've got enough to pay for the fees.