Buying gold from oversees and sell UK Customs rules?

[Dante]

So I just want to know the regulations I cant find too much info on the net.

If buy gold from oversees and bring it to the UK I will need to declare it a customs like 2000 grams + worth  is there like a form to fill in and thats it? or will i be sat down and asked all sorts of questions?

I will pay the VAT and tax on this how much will i have to pay? the face value of the gold or the actual value?

Do i need to set up a company on compinies house or can i just do this as a sole trader?

Would I need to have a business account to do this a lot of banks aren't open business accounts anymore due to Covid Starling won't let me have a sole trader account as "precious metals" is one of the business they don't support for business accounts. Can I use my personal account as ill be making quite a bit of money from this so don't want to cause alarm to my bank like over £40K+

 

 

[ChrisSilver]

Please do a search as this has been discussed many times recently.

There seem to be a lot of new members asking this question, which seems suspicious.

You can bring any amount of Gold into the U.K. as long as the gold was not bought with funds that originated from illegal / criminal activities. If you have a genuine legitimate source of income in the U.K. then there is no issue to declare the gold.

But it sounds like you are trying to do some sort of business. Please read the forum rules in regards to businesses on the forum.

The question is, why do you want to import so much gold and why are you worried about declaring or sitting down to answer questions from a customs official?

 

[dicker]

Welcome to the Forum Dante.  An intro goes a long way.  
 

Best 

Dicker

[dicker]

Just to add......

Whilst I work for a bank and cannot and will not give anything away about anti-money laundering, I would say...

(1) Margins on gold are tight - if there was significant money to be made on physical gold import / export, banks and forum members would do it (as long as it was legal).  

(2) I have seen many, many types of scams (some possibly money laundering operations) that focus on buying 'cheap' gold, importing and selling. Worth googling, but this is a start.  https://www.mining.com/how-to-avoid-being-caught-in-a-common-gold-scam/

Best 

Dicker

[BackyardBullion]

Sounds like the kind of questions you need to be asking a qualified accountant/tax advisor or HMRC directly and not an internet forum.

As dicker said, being a good bullion dealer is about tight margins of a few percent - big swings.in metal prices will make and lose you a lot of money. If your profits are 2% after business overheads to make £40,000 profit you will need to have retailed close to £2,000,000 worth of gold. That's quite the liability for a £40,000 profit! 

Takes some stones to be a gold dealer.

[sixgun]

It also depends on what form the gold takes. Jewellery is something different to (investment) gold bullion.