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Say I wanted to buy a pallet-load of flooring from Poland for a job...
I pay for the materials & carriage (which includes Polish VAT at 23%). They get couriered to me. Do I then have to pay any further import duties at port of entry? Or is that it?
Can I just import and sell on to a client at an obscene profit and sit back polishing my belly with no fear of a wolf from HMRC calling at my door?
As mentioned in the thread title, I'm not VAT registered.
free trade = no import tariffs or additional VAT due from you.
I *assume* VAT rules are the same as stuff you buy in the UK and pay VAT on before selling onto a customer.
Not an accountant...
http://www.dutycalculator.com/country-guides/Import-duty-taxes-when-importing-into-the-United-Kingdom/
Useful stuff here
Poland is EU so one market effectivley
https://www.gov.uk/duty-free-goods/arrivals-from-eu-countries
Can I just import and sell on to a client at an obscene profit and sit back polishing my belly with no fear of a wolf from HMRC calling at my door?
VAT threshold is 82k so depends how much you are going to be selling it for
https://www.gov.uk/vat-registration/when-to-register
Oh crikey, I wish I was going to be impacting the VAT threshold.
Not yet unfortunately. 🙂
I think you only have to cross the threshold in one month for it to apply for a year? So if you turn over 1/12th of 82k in any one month you have to register.
I think it's done on a rolling twelve month thing wwaswas, rather than on a month to month thing (from what I've just read on the HMRC site anyway).
EDIT: and that can be on any twelve month period. But one month >82/12 wouldn't necessarily put one over the threshold.
Can you register for VAT even if you are under the threshold?
*follows link*
So it is 🙂
yes you can
Can you register for VAT even if you are under the threshold?
You can - and if a-buyin'-and-a-sellin' is a lot of your turnover, then you probably should. However, for me, I mostly sell labour and only occasionally sell materials.