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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

VAT AND CUSTOMS DUTIES – TRAPS AND OPPORTUNITIES

COLIN WOODWARD

DIRECTOR - VAT & DUTIES

BARRINGTONS LIMITED

www.barringtons-online.com

importing and exporting
IMPORTING AND EXPORTING

VAT AND DUTIES CONSIDERATIONS

main aim
MAIN AIM?
  • THERE ARE TWO PRIMARY AIMS:
  • KEEP EXPOSURE TO VAT AND DUTIES TO AN ABSOLUTE MINIMUM
  • OPTIMISE USE OF AVAILABLE RELIEFS
the eu
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!
international trade
INTERNATIONAL TRADE
  • TWO MAIN AREAS
    • GOODS
    • SERVICES
    • AND THE RULES VARY!
trade in goods
TRADE IN GOODS
  • IMPORTING
    • IMPORT DUTIES
    • OTHER DUTIES
    • IMPORT VAT
    • VAT RECOVERY
    • DEFERMENT AND GUARANTEES
    • SIVA
  • EU ACQUISITIONS
trade in goods1
TRADE IN GOODS
  • EXPORTING
    • ZERO RATING
    • DIRECT EXPORTS
    • INDIRECT EXPORTS
    • BURDEN OF EVIDENCE AND HMRC POWERS
  • EU TRANSACTIONS
    • ADDITIONAL CRITERIA AND BURDEN OF EVIDENCE
duty and vat reliefs
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!
trade in services
TRADE IN SERVICES
  • SOMETHING ELSE WHICH IS…….
    • MISUNDERSTOOD
    • CAN CARRY….
      • NO VAT
      • UK VAT
      • OVERSEAS VAT
trade in services1
TRADE IN SERVICES
  • MAY NEED TO REGISTER FOR VAT OVERSEAS!
  • AND JUST TO AVOID ANY CONFUSION
  • SIMPLIFICATIONS
for example
FOR EXAMPLE
  • SERVICES RELATING TO LAND
    • SUBJECT TO VAT IN THE COUNTRY WHERE THE LAND IS SITUATED
    • EXAMPLES – ESTATE AGENCY, SURVEYING
for example1
FOR EXAMPLE
  • PHYSICALLY PERFORMED SERVICES
    • SUBJECT TO VAT WHERE THE SERVICES ARE PERFORMED

- EG ENTERTAINMENT OR WORK ON GOODS

for example2
FOR EXAMPLE
  • INTANGIBLE SERVICES
    • USUALLY SUBJECT TO VAT WHERE THE CUSTOMER BELONGS

EG – CONSULTANCY SERVICES

ADDITIONAL RULES FOR EU CUSTOMERS

PLUS NEW EU REQUIREMENTS

for example3
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
miscellaneous
MISCELLANEOUS
  • RECOVERY OF OVERSEAS VAT
  • OVERSEAS REGISTRATION
  • DISPUTES
and finally
AND FINALLY

THANK YOU ALL FOR LISTENING!!!