How to calculate custom duty and VAT when importing into the UK?
In this video we have discussed import duties and practically demonstrated the steps involved in the calculation.
When you import goods to the UK, you must pay the customs duty and the tax on excise goods. The duty is in addition to other taxes, such as the sales tax and the value added tax. However, there are exceptions. In some cases, you do not have to pay excise duty if the goods are not excisable.
Duty rates will depend on the value of the goods and the rate of duty in each case. The valuation of goods is done in accordance with generally applicable customs valuation provisions. Moreover, excise duties are calculated based on the quantity of goods brought into the country, as well as the rate of duty.
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