Importing silver

[Spence098]

Hello All.

Just after abit of advice/information.

I have a 2oz silver coin incoming from outside of the UK.

With regards to import tax, is it something I have to declare before hand or will they contact me to tell me I owe them £££.

Also unsure how much it will be ?

Any advice would be grand.

Thanks very much.

Joe.

[daca]

20% VAT (on the value declare by the seller) and around £ 10 -15 customs fees. Usually you have to pay the tax man before releasing the coin. 

The seller is obligated to fill an export declaration, value of the coin, description of the goods and type - merchandise or gift.

In your case with the Una coin perhaps this thread will help regarding VAT

 

[motorbikez]

You don't have to declare anything the seller will have put a value on the package, you may be lucky & it slips through the customs net. If not you will pay 5% plus PO charge of £8 for a numismatic collectible item or 20% plus PO charge for bullion coin.

Regarding the codes, if customs actually look at them they do work & you will pay 5% but in practice I found when I was buying heavily from Australia a number of years ago only about 60% of correctly declared numismatic items were charged at 5%.

If they charge you 20% which seems to be UK customs default, read ( can't be bothered to look properly at codes) you can claim the 15% back by getting in touch with customs. It is a pain in the backside but they will pay you usually takes or used to take about 2 months.

[Spence098]

4 minutes ago, motorbikez said:

You don't have to declare anything the seller will have put a value on the package, you may be lucky & it slips through the customs net. If not you will pay 5% plus PO charge of £8 for a numismatic collectible item or 20% plus PO charge for bullion coin.

Regarding the codes, if customs actually look at them they do work & you will pay 5% but in practice I found when I was buying heavily from Australia a number of years ago only about 60% of correctly declared numismatic items were charged at 5%.

If they charge you 20% which seems to be UK customs default, read ( can't be bothered to look properly at codes) you can claim the 15% back by getting in touch with customs. It is a pain in the backside but they will pay you usually takes or used to take about 2 months.

Thanks mate ill look into it 👍

[silvernewbie]

Iv ordered a few items from emk and people were saying if below 135 no charges and iv found the same, wasnt charged any vat/customs. 

[pooley]

I'm new to this game and have dipped my toe in by having six 1oz maples coming from Germany.

I wish I knew about this fine forum beforehand so I could have made a more informed decision regarding the tax situation.

The extra tax is a bit of a letdown but I'm still looking forward to getting them!

 

[Bigmarc]

Yes under £135 commercial and £39 as a gift.

[Spence098]

1 minute ago, Bigmarc said:

Yes under £135 commercial and £39 as a gift.

Cheers bud 👍

[Bigmarc]

No probs, out of interest how much was postage?

[Spence098]

 

2 minutes ago, Bigmarc said:

No probs, out of interest how much was postage?

Not sure yet mate

[Pete]

This article explains everything -

https://www.gov.uk/government/publications/notice-143-a-guide-for-international-post-users/notice-143-a-guide-for-international-post-users

So in essence there is no additional VAT to pay if the contents are declared less than £135 but the supplier is supposed to have charged you UK rate of VAT.
So if EMK has quoted you a price then that's what you will pay.
No idea if the price would have been lower in Germany if they could have used the very low differential VAT.
Not only is 20% bad enough, having to pay £8 on top for a small value order hurts so if no VAT due then no fee either.
Keep us informed as I have bought from EMK in the past and they are good for some coins.

[Spence098]

This is a coin iv purchased from a member on the forum.

Could you explain the process for me.

The seller obviously declares the item will I then be contacted by someone to tell me how much I owe if anything ?

@Pete

[Ceaiu]

Jumping into this one, since I'm the seller🙂.

I went with UPS as a carrier, as I wanted a little piece of mind. Shipping from Romania to UK was quite expensive at 80.88€ (so I will split with the buyer as agreed).

I have declared the auctioned amount when filling in the insurance section (if you leave it undeclared, you're only covered for 100€).

At the section with customs details I've declared 180£ (initial price from RM) therefore the 36£ hinted by UPS for import tax.

When I'm receiving items that carry VAT from outside EU, I'm contacted by the customs broker and asked to prove the content. They calculate the tax, and release it from customs if I agree.

I mentioned that this is a present, so no invoice from my side.

This is my first trade, so finger crossed. 

[Pete]

The gift allowance is very low so once the package arrives in the UK the Border Force will charge 20% VAT and UPS will also add a handling fee.
UPS will likely email the buyer to request payment i.e. 20% of declared value + fee before delivering.
If no email is provided then UPS will send a notice to the address on the label requesting payment.

[Spence098]

31 minutes ago, Ceaiu said:

Jumping into this one, since I'm the seller🙂.

I went with UPS as a carrier, as I wanted a little piece of mind. Shipping from Romania to UK was quite expensive at 80.88€ (so I will split with the buyer as agreed).

I have declared the auctioned amount when filling in the insurance section (if you leave it undeclared, you're only covered for 100€).

At the section with customs details I've declared 180£ (initial price from RM) therefore the 36£ hinted by UPS for import tax.

When I'm receiving items that carry VAT from outside EU, I'm contacted by the customs broker and asked to prove the content. They calculate the tax, and release it from customs if I agree.

I mentioned that this is a present, so no invoice from my side.

This is my first trade, so finger crossed. 

 

25 minutes ago, Pete said:

The gift allowance is very low so once the package arrives in the UK the Border Force will charge 20% VAT and UPS will also add a handling fee.
UPS will likely email the buyer to request payment i.e. 20% of declared value + fee before delivering.
If no email is provided then UPS will send a notice to the address on the label requesting payment.

Perfect guys thanks very much Pete and thabks again Marius 👍

[Spence098]

@billysilver