Bespoke Tax Accountants

Specialist tax advice, accountancy and tax returns

01242 505970
info@bespoketax.com

  • Home
  • About Us
    • Meet The Team
    • Careers
    • Statutory Information
    • Privacy Policy
  • Who We Help
    • Personal and Family
    • Business
    • Our Clients
  • News
    • Making Tax Digital
  • Giving Back
  • Contact
  • Cloud Accounting
    • Xero
  • App

Importing from non-EU countries

11th October 2018 By bespoketax

Importing from non-EU countries

There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware of the duties and VAT implications. Businesses importing goods must be able to distinguish between importing goods from outside the EU or within the EU. Intra-EU movements of goods that are imported are referred to as ‘acquisitions’ and goods that are exported to the EU are known as ‘dispatches’.

Businesses that start to import goods from outside the EU are required to apply for an Economic Operators’ Registration and Identification System (EORI) that helps businesses communicate with customs officials. Businesses also need to ensure they correctly classify any imported goods, declare the goods to customs and pay any VAT and duty that is due.

Currently, it is more straightforward to handle acquisitions from within the EU, and there are no import duty implications. However, the VAT accounting can be complex especially where multiple countries are involved. There is also a separate requirement to complete Intrastat declarations if the total value of goods exceeds £1.5 million annually. 

It remains to be seen what changes will happen for goods imported from Europe especially if we get a no deal Brexit. In fact, if the UK leaves the EU on 29 March 2019 without a deal there would be immediate changes to the procedures that apply to businesses trading with the EU as the rules that allow for the free circulation of goods would cease. This means that we could see a similar process to that currently in place for imports from non-EU countries applied to EU imports.

Filed Under: HMRC notices

Recent News

  • Tax codes for employees
  • EIS Income Tax relief restriction for connected parties
  • Reduction in special Writing Down Allowance
  • Class 4 NICs who is liable?

News Categories

  • Budget Summary
  • Business
  • Capital allowances
  • Capital Gains Tax
  • Construction Industry Scheme
  • Corporate Governance & Regulation
  • Corporation Tax
  • Duties
  • Employee Benefits
  • Employment & Payroll
  • Employment Law
  • Family Tax Credits
  • General
  • HMRC notices
  • Income Tax
  • Inheritance Tax
  • National Insurance
  • NIC & Pensions
  • Overseas personal tax issues
  • Overseas tax issues
  • Payroll
  • Pension
  • Personal
  • Practice News
  • Stamp Duty Land Tax
  • Tax credits
  • Tax Diary
  • Value Added Tax

About Us

Bespoke has a reputation for helping our clients make the most of their financial situations and in turn we have become a trusted extension of their business or family.

Bespoke assist with compliance requirements, providing specialist tax advice, and planning for now and the future.

Keep informed.
Sign up for our Topical Newsletter

Our FREE monthly newsletter will keep you up to date with the latest news related to the world of accountancy.

Register Here

Contact

Delta Place,
27 Bath Road, Cheltenham,
Gloucestershire, GL53 7TH
01242 505970
info@bespoketax.com

ICAEW Chartered AccountantsXERO Silver PartnerChartered Institute of TaxationMember of EISA

Copyright © 2019 · Bespoke Tax Accountants · Website by Culpepper & Co

.
This site uses cookies: Find out more.