I think we signed a trade deal with Japan recently but I couldn't find details of import duties when I checked despite it being referred to. I would be interested to find out too. It will be interesting to see what will happen with VAT as we will have the option to move away from that. Hopefully it doesn't turn into teh old property tax which was much higherWhat is the best way to calculate all costs when purchasing a lens from Japan.
Does leaving the EU shortly change any of the existing charges?
How much is the duty and will it stay the same under the new agreement.price
shipping
exchange rate, yen to pound, the one being used by whoever is handling the transaction
import duty
vat at 20%
customs clearance / handling fee
For importing a lens from Japan, leaving the EU has no effect on procedure.
price
shipping
above paid using exchange rate being used by whoever is handling the transaction
import duty at 6.7%
vat at 20%
customs clearance / handling fee
above uses exchange rate being used by customs clearance agent
For importing a lens from Japan, leaving the EU has no effect on procedure.
Thanks for the info. I used that site before but it takes some understanding which I don't have.I believe lenses are 6.7% import duty.
All goods are classified using harmonised codes which are sometimes a little obscure. You can look up rates at https://www.gov.uk/trade-tariff
The UK's VAT rate is amongst the lowest of the EU states, Luxembourg, Germany and Turkey are slightly lower, but most are 20% or above.
Thanks for the info. I used that site before but it takes some understanding which I don't have.
You need to remember that you dont just add the % figures together; if the 6.7% is added first, then the postage, the VAT will be 20% of that total.So if we assume 26.7% for import duty and vat, would it safe to say that custom clearance and handling fees shouldn’t take it much above 33% (a third) of the total purchase price?
Fedex said:FedEx pays the Duty and Tax charges on your behalf to ensure we can deliver your shipment as quickly as possible. This incurs an administration fee of 2.5% of the combined Duty and VAT charge or £12.00 (whichever is greater).
Looks like "gift" is still an option to avoidPlease take a look at this ebay post which confirms the same. Looks like the 20% vat exemption on low value items is now abolished.
.VAT import regulations | UK Seller Centre
In 2021, there will be changes to the VAT treatment of imports into the UK and EU as well as certain shipments within the EU.sellercentre.ebay.co.uk
Also found some updated guidance here.
VAT and overseas goods sold directly to customers in the UK
How sellers deal with VAT for goods from overseas that they sell direct to customers in the UK.www.gov.uk