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Customs Duty and VAT on Capital Goods Import UK | Accounting Services

Capital goods are part of your business operations. These goods are used by your business to produce other goods that are up for sale. If your business overseas is planned to be transferred to the UK, your capital goods should be shipped to the UK, for which you are eligible for paying less customs duty and VAT.

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Customs Duty and VAT on Capital Goods Import UK | Accounting Services

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  1. Customs Duty &VAT to Import Capital Goods in UK Morgan Reach

  2. Capital goods • Capital goods are part of your business operations. • These goods are used by your business to produce other goods that are up for sale. • If your business overseas is planned to be transferred to the UK, your capital goods should be shipped to the UK. https://morganreach.com

  3. Paying Less Duty & VAT • You are eligible for paying less customs duty and VAT if you are transferring a business to the UK that: • Has no operations whatsoever outside the EU. • New operations carried out within the EU or UK. • Is a Limited Company or a non-profit organization • Starting to set up new operations in collaboration with third-party entities • Is branded under the banner of “liberal profession.” https://morganreach.com

  4. Benefits • If you are eligible, you’ll be relieved on capital goods and equipment you use for your business, including the following assets: • Transportation required for transferring your capital goods; • Livestock; • Tools used for the business, pieces of machinery, and office equipment; • Technological tools such as computers. https://morganreach.com

  5. Off-Limits • VAT and Customs Duty relief does not cover the following: • Means of transportation of the things not used in your business; • Any type of goods for human and animal consumption • Raw materials, semi-finished products, horticultural products for sale like seeds, plants, shrubs, and fuel • Livestock owned by a dealer and not the business itself. https://morganreach.com

  6. Eligibility for Customs Duty Relief • In accessing the perks of customs duty relief, eligible capital goods must: • Be owned and used by the business for at least 12 months before transferring to the UK; • Be used as the same function they offer before transferring to the UK; • Be reasonable and relative to the size and nature of your business; • Be imported from where they were previously within one year your business stopped operating. https://morganreach.com

  7. Eligibility for VAT Relief • To be eligible for VAT relief, your business must: • Be involved in the production of taxable supplies; • Have or expecting to have a turnover of taxable which according to the “Accountancy.co,” “exceeds the UK requirements for VAT registration, or will exceed it within the next 30 days. The current threshold is £85,000;” • Register for VAT. • Records: Ownership, All National Imports Relief Unit acknowledgement letters, Receipts, Bill, Insurance documents and so on. https://morganreach.com

  8. Reach Us BIRMINGHAM 136 Hagley RoadEdgbastonBirminghamB16 9NX LONDON 239 Kensington High Street, Fl. 1Kensington, LondonW8 6SA MANCHESTER 82 King StreetManchesterLancashireM2 4WQ https://morganreach.com

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