The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Businesses importing goods via the post, using Royal Mail or Parcelforce, from a non-EU country must declare the goods to HMRC. In most cases the sender will make the customs declaration by completing a form which is attached to the package. The relevant form will be a CN22 or a CN23, depending on the value. However, for certain imports it is necessary for the Single Administrative Document (SAD) to be completed. A SAD will need to be completed for:
imports of goods with a value exceeding £873 (€1,000) declared to home use and free circulation
imports of goods for which relief from customs duty and import VAT is being claimed, for example, inward processing relief, outward processing relief, temporary importation
certain exports including all goods for export with a value exceeding £873 (€1,000)
De Voil Indirect Tax Service V3.302, V7.251; HMRC Notice 143; HMRC Notice 144
Details of how to complete a SAD are shown below.
Please see the Importing goods from outside the EU (rules until 31 December 2020) guidance note for more information on how the import charges are calculated and the Recovering import VAT (rules until 31 December 2020) guidance note for more information on how to recover import VAT incurred.
Import documents are required due to the fact that imports are potentially liable to import VAT and customs / excise duties. Import taxes may be due where:
the importer purchases the goods
goods are imported as gifts
new or secondhand goods (including antiques) are imported
goods are imported that are intended for both private and commercial use
There are some exceptions to these rules and are briefly outlined below.
The sender will have to declare the goods and must therefore complete a customs declaration CN22 or CN23 which in most cases will be affixed to the package. The declaration will need to include a description of the goods, their value and details of whether they are commercial items or
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
Class 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met before Class 1A NIC is
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.