When the UK leaves the EU VAT regime and Customs Union after 31 December 2020, import VAT and potentially customs duties will become liable on goods coming in from the EU for the first time.
The rules on how to calculate the base cost of goods vary for import VAT and customs. It is important you understand the rules and differences to avoid under declaring taxes – which can lead to blocked goods and fines – or overpaying and making loses. In all cases, it’s important you categorise your goods with HS commodity code for your customs declarations, tariff and VAT calcualtions.
Source Avalara
