Import/Export tax

7 replies [Last post]

Thu, 12/01/2006 - 17:12

SamA

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Joined: 11/01/2006

Now let me get this straight, I'm starting a business where I design something to be made in the far east, import it to the UK, then distribute. I need to pay import duty and VAT on the value of the import, I then also need to charge VAT on the sale and give that to the tax man, then I need to pay tax on any profit I might make at all.

So roughly, on something I have a cost price of say £100 for, and I sell for a retail price of £200, the tax man gets

12% Duty on the total cost to me - yes that includes freight, so say £12
17.5% VAT on the total amount - including duty!!! So another £19.6

Then they have another crack when I sell it, £35

I've now got a gross margin of £68.4, which as a sole trader and still having another job I'll pay the top marginal income tax rate on, 40%, or another £27.36.

Let's add it all up, on my sale of £200, they get £93.96!!! Is this really right? Can it be?

I need an accountant, any good suggestions in SW London?

Thanks,

Sam

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