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VAT AND CUSTOMS DUTIES – TRAPS AND OPPORTUNITIES

VAT AND CUSTOMS DUTIES – TRAPS AND OPPORTUNITIES. COLIN WOODWARD DIRECTOR - VAT & DUTIES BARRINGTONS LIMITED www.barringtons-online.com. IMPORTING AND EXPORTING. VAT AND DUTIES CONSIDERATIONS. MAIN AIM?. THERE ARE TWO PRIMARY AIMS: KEEP EXPOSURE TO VAT AND DUTIES TO AN ABSOLUTE MINIMUM

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VAT AND CUSTOMS DUTIES – TRAPS AND OPPORTUNITIES

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  1. VAT AND CUSTOMS DUTIES – TRAPS AND OPPORTUNITIES COLIN WOODWARD DIRECTOR - VAT & DUTIES BARRINGTONS LIMITED www.barringtons-online.com

  2. IMPORTING AND EXPORTING VAT AND DUTIES CONSIDERATIONS

  3. MAIN AIM? • THERE ARE TWO PRIMARY AIMS: • KEEP EXPOSURE TO VAT AND DUTIES TO AN ABSOLUTE MINIMUM • OPTIMISE USE OF AVAILABLE RELIEFS

  4. THE EU • 27 MEMBER STATES • COMMON SYSTEM OF VAT • COMMONLY AGREED DUTY RATES AND RESTRICTIONS OR THAT’S THE THEORY.. • REQUIREMENT FOR UNANIMITY OFTEN IMPEDES PROGRESS, MEANING THAT… • THEY OFTEN CAN’T AGREE ON ANYTHING!

  5. INTERNATIONAL TRADE • TWO MAIN AREAS • GOODS • SERVICES • AND THE RULES VARY!

  6. TRADE IN GOODS • IMPORTING • IMPORT DUTIES • OTHER DUTIES • IMPORT VAT • VAT RECOVERY • DEFERMENT AND GUARANTEES • SIVA • EU ACQUISITIONS

  7. TRADE IN GOODS • EXPORTING • ZERO RATING • DIRECT EXPORTS • INDIRECT EXPORTS • BURDEN OF EVIDENCE AND HMRC POWERS • EU TRANSACTIONS • ADDITIONAL CRITERIA AND BURDEN OF EVIDENCE

  8. DUTY AND VAT RELIEFS • INWARD PROCESSING RELIEF • SUSPENSION OF BOTH DUTY AND VAT • OUTWARD PROCESSING RELIEF • RETURNED GOODS RELIEF • REJECTED IMPORTS • ……TO NAME JUST A FEW!

  9. TRADE IN SERVICES • SOMETHING ELSE WHICH IS……. • MISUNDERSTOOD • CAN CARRY…. • NO VAT • UK VAT • OVERSEAS VAT

  10. TRADE IN SERVICES • MAY NEED TO REGISTER FOR VAT OVERSEAS! • AND JUST TO AVOID ANY CONFUSION • SIMPLIFICATIONS

  11. FOR EXAMPLE • SERVICES RELATING TO LAND • SUBJECT TO VAT IN THE COUNTRY WHERE THE LAND IS SITUATED • EXAMPLES – ESTATE AGENCY, SURVEYING

  12. FOR EXAMPLE • PHYSICALLY PERFORMED SERVICES • SUBJECT TO VAT WHERE THE SERVICES ARE PERFORMED - EG ENTERTAINMENT OR WORK ON GOODS

  13. FOR EXAMPLE • INTANGIBLE SERVICES • USUALLY SUBJECT TO VAT WHERE THE CUSTOMER BELONGS EG – CONSULTANCY SERVICES ADDITIONAL RULES FOR EU CUSTOMERS PLUS NEW EU REQUIREMENTS

  14. FOR EXAMPLE • TELECOMMUNICATION SERVICES • ELECTRONICALLY SUPPLIED SERVICES • USUALLY SUBJECT TO VAT WHERE THE CUSTOMER BELONGS • BUT….. • USE AND ENJOYMENT OVERRIDE • SINGLE PLACE OF EU VAT REGISTRATION

  15. MISCELLANEOUS • RECOVERY OF OVERSEAS VAT • OVERSEAS REGISTRATION • DISPUTES

  16. AND FINALLY THANK YOU ALL FOR LISTENING!!!

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