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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9320
Experience:  FCCA FCMA CGMA ACIS
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I'd like to know when I can claim back the inport vat on

Customer Question

Hi I'd like to know when I can claim back the inport vat on goods from USA and if I have to pay as they land and get refunded or otherwise please?
JA: Which tax year is the refund for?
Customer: Goods I'm planning on importing not vat registered yet
JA: Anything else you want the Accountant to know before I connect you?
Customer: But I'm about to but need advice
Submitted: 7 months ago.
Category: Tax
Expert:  bigduckontax replied 7 months ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

On arrival imports may have Import Duty and VAT applied bu Customs, although this does not always happen. Import duty forms part of your cost of sales as does the VAT if you are not registered for the tax. If you are then it can be reclaimed as an input in the normal way..

Customer: replied 7 months ago.
Hi so when vat registered for a marge import would I have to pay the duty as it lands?
And if so how long would it take to reclaim please?
Customer: replied 7 months ago.
Large
Customer: replied 7 months ago.
Cancel phone call please
Customer: replied 7 months ago.
Hadn't realised charge
Customer: replied 7 months ago.
Please don't call how do I cancel the request?
Customer: replied 7 months ago.
Hello?
Expert:  bigduckontax replied 7 months ago.

The imports might well be put in bond and only released on payment of the Duty and VAT. The reclaim would go through your normal quarterly VAT retuirn assuming that you are registered for the tax.

The telephone call charge does not crystalise until I notify that it has been successful which I will not be doing.

Customer: replied 7 months ago.
Thank you I'm not vat registered yet but have just hit the threshold and I've only being in business around 7 months. Things have grown very quickly
Customer: replied 7 months ago.
I need to get an accountant
Expert:  bigduckontax replied 7 months ago.

You do indeed, you will still be able to claim the input tax once you have registered.

Customer: replied 7 months ago.
How long could I back date and presumably I'd have to pay the vat on sales from that date also? Or just on those goods imported from that date?
Customer: replied 7 months ago.
Is there a particular type of accountant you'd recommend for international importers and resale?
Expert:  bigduckontax replied 7 months ago.

You can reclaim VAT from up to 4 years before registration.

Any competent high street accountant should be able to handle this, it isn't rocket science.

Expert:  bigduckontax replied 7 months ago.

I would like to talk to you but from long experience I think you will find it easier to ring me. I am on 01750 725420.

Customer: replied 7 months ago.
Okey cokey