Find out how to value your goods to help when working out the VAT due when importing goods into the UK.
Contents
To help you calculate the VAT due on goods you’ve imported to the UK, you must work out their value and add it to box 22 of your import declaration.
To work out the value, you need to add together:
- all charges payable on importation into the UK, such as Customs Duty or levy and Excise Duty (do not include the VAT itself)
- the cost of any incidental expenses (find out how to work out incidental expenses)
You’ll then need to add the total to the customs value of your goods.
Costs relating to the transport of the goods to a further destination than the UK (that are known at the time the goods are imported) must be included in the import VAT value.
Source gov.uk
Latest Posts in "United Kingdom"
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
- Navigating UK VAT: Key Considerations and Pitfalls in Exporting Goods
- HMRC’s New VAT Error Correction Rules: Stricter Penalties and Reporting Changes Explained
- UK Supreme Court Confirms VAT on Intragroup Fees for Former VAT Group Members
