To be or not to be (VAT that is)

Discussion in 'Plumbers' Talk' started by Bigplumber, Nov 16, 2005.



  1. Is the intrastat threshold just relevant to EU
    imports or is it all imports into the UK? In the new
    year I'll be importing from Turkey and by the end of
    next year I'll be close to that threshold figure.
    I'll be paying VAT on the turkish imports so are
    these dealt with on a seperate basis or is it all
    lumped together?
     
  2. Bob Property

    Bob Property New Member

    Turkey's not in the EU yet so I think you will be filling in all the categories, UK, EU and non-EU. You lucky, lucky boy :)
     
  3. Imports outside the EC are subject to VAT and Duty coming in, which the importer has to pay, although you can reclaim the Vat.
    EC countries are exempt but Turkey is not a full member at the moment, it has been given 'Candidate Status' and may join in the future.
     
  4. It's actually all quite straightforward the VAT returns are pretty simple, the haulage company I use deals with any paperwork required for the non EU imports and pay VAT on my behalf then invoice me.

    It all sounded horribly daunting when I first started this business, but I find Customs & Excise extrememly helpful when I phone them, also they log every call you make and I've yet to have an inspection. And they follow up any call by sending a brochure relevant to your request.

    Anyhow it's reaching a point where it's getting beyond me now and I really need an accountant, so the end of this financial year I'll set up a limited company and go that route with an accountant.

    I've found I'm spending more time doing the things I'm not good at than actually running the business, but I'm a control freak and absolutely terrible at delegating anything!
     
  5. Imports outside the EC are subject to VAT and Duty
    coming in, which the importer has to pay, although
    you can reclaim the Vat.
    EC countries are exempt but Turkey is not a full
    member at the moment, it has been given 'Candidate
    Status' and may join in the future.

    Yup, did all my homework on Turkey this week, they are zero rated for duty so I just have to deal with the vat, which as you say I can get back anyway.

    I've also learnt what commodity codes are this week, damn now that really fried my noodle!
     

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