Importing Goods - Customs and Duties

TheWaterboy

Looking for some advice here that I cant seem to find on any of the other threads.

Im looking to import a quantity of items from the USA through a new company that Im hoping to start.
Is it possible to find out the extra costs I would have to pay to Customs before I actually import the products.

Also Im assuming that once im VAT registered I can claim back this VAT but would also need to charge my buyers the relevant VAT.

Axwell

Send Rudolph289 a pm hes the man with the info.

http://www.boards.ie/vbulletin/showpost.php?p=61855086&postcount=10

canneyj

Would be really interested to hear what answer you get on that. I read so many business books and you just can't buy the info you get on here.
I'm also interested in importing from the USA and would love to here what your experience is.

Axwell

canneyj wrote: »

Would be really interested to hear what answer you get on that. I read so many business books and you just can't buy the info you get on here.
I'm also interested in importing from the USA and would love to here what your experience is.

Why not just send him a pm yourself, he doesnt bite.

RUDOLF289

Hello Waterboy and canneyj,

Thanks to Axwell for posting the document that I have posted before for boards.ie members. Pages 1 though 5 are the most relevant for your proposed activities.

In answer to your specific questions ;

1) Please advise the commodity, e.g. the type of goods you intend to import. I will have a stab at classifying the goods and establish the rate of duty
2) The duty is calculated over the C.I.F. price (Cost Insurance Freight) of your product.
3) The VAT is calculated over the C.I.F. price plus the duty
4) VAT paid on imports is a deductible input for VAT registered traders and can be claimed back through your periodic VAT return

You may need to take some advice from an accountant in relation to VAT registration. On the face of it, even if you don't reach the threshold (Euro 75K) after which you are obliged to register, I would recommend to register for VAT. Otherwise you have no way of claiming the VAT, paid on import, back. Once you are registered for VAT you have to remit 21.5% to the revenue on your sales and keep appropriate records for inspection / auditing purposes. It may increase the workload, then again, there are numerous secreterial type service available that would be happy to assist you with that type of administration.

I am attaching a copy of the 2008 VAT Guide (the last one that was issued by Revenue). The relevant chapters for you (in the context of this thread) would be Chapter 1, 2, 3 and 7. However, I am sure that it would also help you in general with your business.

Lastly, I would recommend to drop me a line when you come to the shipping stage. I can guide you in relation to shipping and customs clearance to ensure you bring in your goods in the most (cost) efficient way,

Feel free to PM any time if you need any clarification or assistance

Best regards,
RUDOLF289

TheWaterboy

Thanks RUDOLF289 - PM sent