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Submitted: 2 years ago.Category: UK Tax
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Answered in 1 hour by:
6/12/2015
UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15,980
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Hi.
Can you tell me what you imported and from where please.
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Customer reply replied 2 years ago
watches from China
UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
Thanks.
Leave this with me while I draft my answer. It will take a while so please bear with me.
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Customer reply replied 2 years ago
thanks is it possible to get some answer by 5pm?
UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
You will have an answer by 5pm. I am answering another question posted earlier at the moment but you are next in line.
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UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
Hi again.
The answer box for the just answer portal you came through does not allow me to post hyperlinks I'm afraid.
You will need to look under the heading "The main method of calculating import value" here for methods of calculating the import value which will form part of your VAT value:
https://www.gov.uk/how-to-value-your-imports-for-customs-duty-and-trade-statistics
Take a look under the heading "Value for Import VAT" here to see what you add to the import value for VAT purposes:
https://www.gov.uk/how-to-value-your-imports-for-customs-duty-and-trade-statistics
You may need to complete an import declaration on form C88 as it says under the heading "Declaring an import value" here:
https://www.gov.uk/how-to-value-your-imports-for-customs-duty-and-trade-statistics
If you don't have to complete a C88 for import purposes, you will need to do so for VAT purposes so that you can pay it. Otherwise, the C88 you use for import duty purposes can be used for VAT purposes.
To reclaim the VAT if you are VAT registered, you will need a form C79 which will be given to you when you pay the import VAT.
Take a look at the notes here for more information on import duty and VAT, what to include in the "cost" for VAT purposes and for information on form C79:
http://www.smarta.com/advice/accounting-and-tax/vat/vat-on-imports/
http://www.hmrc.gov.uk/manuals/insmanual/ins12705.htm
I hope this helps but let me know if you have any further questions.
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Customer reply replied 2 years ago
Hi TonyThanks for this information. My main question is that this happened in Jan and should hae been done and was not? so wht should we do.Regards
UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
All you can do is complete the documentation and submit it with your reasons for not having done it earlier. You really don't want to be ignoring import procedures.
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Customer reply replied 2 years ago
ok just wanted to know if there was some type of disclosure rules, the net effect is zero as it would be reclaimed on the vat return.
UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
Although the net effect will be £0, you still need to follow the procedures, as onerous as they may be.
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Customer reply replied 2 years ago
Hi Tony
I am really sorry but your advice is incorrect. I have just come of the phone after waiting 30 minutes from HMRC Import Duties and they have said that we need to complete a CH88 voluntary declaration which is a carbonated form that they are sending me in the post.
UK Tax Professional: Tony Tax, Tax Consultant replied 2 years ago
That's not what I said.
I quote from my answer:
"You may need to complete an import declaration on form C88 as it says under the heading "Declaring an import value" here:
I then went on to say:
"If you don't have to complete a C88 for import purposes, you will need to do so for VAT purposes so that you can pay it. Otherwise, the C88 you use for import duty purposes can be used for VAT purposes."
The words "If you don't" is the relevant phrase here. Then the words "you will need to so for VAT purposes. What you don't have to do is complete the same form twice.
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Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.

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