Quick VAT question
Discussion
Before anyone asks, I have emailed my accountant but awaiting a reply, however the shipment in question has a tight deadline and is leaving in the morn.
We are importing quite a lot of used stock from Spain to the UK at the moment, the transport company is handling the import via a customs agent who will invoice us the VAT.
We are not registered for deferred payment (I dont know if this is something you can do last min?) so we will be hit with a VAT bill, probably around £5k, plus possible import fees too (tbc).
Can we reclaim the VAT back on our next return? The products are being sold at zero rate so it would be the actual import VAT I am hoping we can claim back and the possible import duty?
If anyone knows off the top of their head it would be appreciated, I am on a tight deadline now..
We are importing quite a lot of used stock from Spain to the UK at the moment, the transport company is handling the import via a customs agent who will invoice us the VAT.
We are not registered for deferred payment (I dont know if this is something you can do last min?) so we will be hit with a VAT bill, probably around £5k, plus possible import fees too (tbc).
Can we reclaim the VAT back on our next return? The products are being sold at zero rate so it would be the actual import VAT I am hoping we can claim back and the possible import duty?
If anyone knows off the top of their head it would be appreciated, I am on a tight deadline now..
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