t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Importing from non-EU countries

Source: HM Revenue & Customs | | 10/10/2018

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.



 

Latest News

  • VAT on property service charges

    11/12/2018 - More...

    A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra

  • Are you ready for VAT filing changes April 2019?

    11/12/2018 - More...

    The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000)

  • Is your income approaching £100,000?

    11/12/2018 - More...

    For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login


Copyright © 2018 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy | Privacy Policy