I am interested in starting an import/export business in UK. Can you please give me a step by step guide on how to start, what kind of paperwork might be involved and where to register. Thank you in advance
It is a very interesting question. I also wondered about it and did some research. As far as I know it all depends on the product (some special cases, I mean). But on the official site of UK Government I found, what the higher tax on imported goods is 20%.
To answer your question I will show you an example for calculation of import taxes in UK: If you pay your supplier USD$3000 (let’s call it £2000) for your goods, the UK Duty rating for these particular goods is 3.5% and the shipping quote is £300 then: UK Duty = 3.5 % of £2000 = £70.00 VAT = 20 % of (UK Duty [£70] + Shipping [£300] + Cost of the goods [£2000]) = £474.00 Therefore the total duties and taxes payable to import these goods would be £544.00 (£70 for UK Duty and £474 for VAT)
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