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29 Jan 2015 12:17 PM #1
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- Jan 2015
- United Kingdom
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Importing from EU to UK - Newbie Needs Info on VAT, Duties & Exchange Rate
Hi all, I'll be opening a store in the UK in a couple of months. I need to understand a bit more about VAT and what is exactly happening when we purchase items from EU countries and import them to the UK.
So basically, if I understand well, VAT registration is required. I will give my VAT number to the suppliers outside the UK and I will not pay VAT at the time of the purchase.
When the items enter the UK, what happens exactly? When will I pay VAT and duty and on which amount? I mean who fixes the exchange rate?
I will then charge the VAT to my end customers, and complete VAT returns quarterly?
I also can't really understand how the threshold of £81K works?
Thank you in advance for your helpHow a New Online Retailer Made Over 3 million Sales in 1yr With These Sources
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