importing silver

[Amac4691]

Has anyone imported silver and can give me a heads up on the associated costs, like import tax ect ect thanks in advance 

[Dawnbreaker]

Yes, I have.....but you probably mean imported to the UK. As someone living in the Netherlands sofar I haven't been taxed for importing it......yet. But I have heard about people getting hit with VAT sometimes close to a year after the fact. Anyway on "coins" and "coin bars" I have just payed spot + premiums (depending on the coins from 10 to about 100% percent above spot), insurance during travel (between 0,5 and 2,5% off the buying price) and shipping costs. I tend to pick dealers and suppliers with fixed delivery costs. Depending on the size of purchase and the package(s) usually between 5 and 50 euro's.

I don't have any info on importing bars. I think over here they are taxed with 21% extra VAT. That makes the "investment" even from a collector point of view very, very, very costly. Storing them in the country you purchased them is a more cost efficient method but the question is if you have enough faith in the stability of the system and the nation it is in to be able to get / trade it if you need to.   

[Amac4691]

Thanks for the reply Dawnbreaker,

the package is insured by the dealer and the price is as is and there is £30 for customs declaration, but the there is the vat on import and some sort of import tax so I don’t want it to cost me more than I would generally pay here, I only stack, but I want 10 of the stone X bullion kilo coin they are beautiful but I refuse to let them take my eyes out, and just need someone from the uk that has imported to here and all costs, but I do appreciate your input 

I have added a pic to show you just how beautiful they are

thanks again

[Gordy]

Yeah i have a few times, 3 got through without VAT but the bigger order (30oz) got hit with VAT but the price i paid was ok and i factored in the VAT on it, 2  came from the US and two from Italy

[Jvw]

I have always been taxed when i ordered silver from outside of the EU*. I did however found a secret method which was very easy to apply. Since I switched my method i got all my silver in free of import charges. 

I switched to buying locally.🤫

 

 

* In fact; I even get charged on VAT free gold when importing gold coins. So I might not be a good example to give advice on importing PM's  

[Amac4691]

9 hours ago, Gordy said:

Yeah i have a few times, 3 got through without VAT but the bigger order (30oz) got hit with VAT but the price i paid was ok and i factored in the VAT on it, 2  came from the US and two from Italy

I see! The problem for me then is it was going to 5+ kilos, I don’t mind paying the vat but it’s if they stick on import tax and as I dont understand the process it’s not worth paying well over to what they are worth, I suppose the best thing is to ring hmrc (her majesty’s robbing c**s) and see what they say

thanks for the input

[Amac4691]

2 hours ago, Jvw said:

I have always been taxed when i ordered silver from outside of the EU*. I did however found a secret method which was very easy to apply. Since I switched my method i got all my silver in free of import charges. 

I switched to buying locally.🤫

 

 

* In fact; I even get charged on VAT free gold when importing gold coins. So I might not be a good example to give advice on importing PM's  

 

2 hours ago, Jvw said:

I have always been taxed when i ordered silver from outside of the EU*. I did however found a secret method which was very easy to apply. Since I switched my method i got all my silver in free of import charges. 

I switched to buying locally.🤫

 

 

* In fact; I even get charged on VAT free gold when importing gold coins. So I might not be a good example to give advice on importing PM's  

Haha is that called getting round the system 😉

[Jvw]

9 minutes ago, Amac4691 said:

 

Haha is that called getting round the system 😉

Haaaa, I like to believe so! With my luck they will probably find a way to tax me on import vat while buying locally next.

[Pete]

This is easy to work out.

1. Your dealer must make a correct declaration and state the price paid for the goods, usually through an enclosed invoice, or the fair value.
In other words asking a seller to state a value of $10 rather than $1,000 is an offence and the seller is responsible for this - not the buyer.

2. The dealer will also include the cost of freight.

3. Your broker or courier will add 20% VAT to the grand total ( invoice / value + freight ).
Customs may also factor in a low percentage to cover insurance especially on high value shipments.

4. Depending on the courier who "imports & clears" your goods they add a fee sometimes referred to as "a VAT deferment fee" plus brokerage fees for larger shipments.
This fee may be a simple fixed cost or sometimes a percentage of the total declared value.

You will therefore pay 20% VAT on everything plus whatever charge your shipper adds.

If you are importing something relatively expensive you really need to check out the shipper say UPS, FEDEX, DHL or whoever is used.
Sometimes the overseas seller choses a freight handler that is local or convenient to them and often with whom they have an account.
This can sometimes work against you because the costs you will bear are set in the UK once your goods have landed and the seller generally hasn't a clue ( or cares less ).
Therefore it is best to get a quote from the courier in the UK who effectively becomes your importer and agent.
Check very carefully that you understand ALL the charges and how they are worked out.

It has been a very long time since I worked in this field and I often saw huge variations in shipping costs from the USA.
For example a package sent from the USA by UPS "door to door" that cost $50 incurred no further fees.
However the same package shipped by the seller by UPS to the buyers "port of entry - say Heathrow " that cost the seller $5 less, ends up costing the buyer more than double the freight charge because it has to be processed and then shipped from Heathrow under a new contract.

Things may have changed a bit but ensure your seller ships to your address and not just to the UK and contact the shipper beforehand to get a quote for fees.