Importing toys from china

[nyzrox]

hey i import thousands of £££ woth of goods from china every week so if you would like a chat or any help advice add me ( made the account 7 years ago )

 

[Van Hellseek]

( made the account 7 years ago )

Yet you still don't think it's time for a new one?

 

[nyzrox]

N/m

 

[nyzrox]

Yet you still don't think it's time for a new one?

But all of my false friends wont re-add me on it and my msn contact list e-peen will shrink

 

[Van Hellseek]

Well if you import thousands of pounds worth of goods from China on a weekly basis I assume you have some sort of serious business venture which people may take more seriously if you had an email address which didn't make you sound 13.

 

[bum]

You have to pay around 5-9% import duty on the cost of goods + cost of shipping, then you have to pay 17.5% vat on the import duty + cost of goods + cost of shipping. Then when you sell you have to pay 17.5% vat and 20-40% income tax as well as NI (hooray for rip off Britain).

Say 10 cars cost £200, shipping is £20 and customs is 5% .

1.05 x £220 = £231

1.175 x £231 = £271.43

Then say you sell them for £500 and your a basic rate taxpayer.

£500 / 100 x 17.5 = £87.50 VAT

£425.15 / 100 x 20 = £82.50 Income Tax

£425.15 / 100 x 8 = £34.01 National Insurance (possibly more or less the NI system is complex)

Leaving you with a total profit of £37.21.

Post (which pointing out the harsh facts about tax) like this make me wanna commit suicide, now.

 

[nyzrox]

Well if you import thousands of pounds worth of goods from China on a weekly basis I assume you have some sort of serious business venture which people may take more seriously if you had an email address which didn't make you sound 13.

He is not a customer nor am i seeking a partnership? why would i give out my business email? not to mention that my company's name is a unique word and i would not like the Google bots linking to the name in this thread as i feel it would be unprofessional and would not help my business. But yes i suppose my msn email should be updated

 

[Van Hellseek]

Well, your post was suggesting that he should contact you for advice. I for one would immediately doubt the quality of advice offered by someone who goes by the name of 'gange boy'. And going by your email address I'd assume that these items you are importing are dodgy counterfeits. Probably clothes, but possibly DVD's or electronics.

I know that's probably insulting your honest business, but that's what I would assume from "gange boy".

 

[sanaxe1]

LoL , he sell good gear .. real Rollex watch ... good quality!

 

[Participant]

You have to pay around 5-9% import duty on the cost of goods + cost of shipping, then you have to pay 17.5% vat on the import duty + cost of goods + cost of shipping. Then when you sell you have to pay 17.5% vat and 20-40% income tax as well as NI (hooray for rip off Britain).

Say 10 cars cost £200, shipping is £20 and customs is 5% .

1.05 x £220 = £231

1.175 x £231 = £271.43

Then say you sell them for £500 and your a basic rate taxpayer.

£500 / 100 x 17.5 = £87.50 VAT

£425.15 / 100 x 20 = £82.50 Income Tax

£425.15 / 100 x 8 = £34.01 National Insurance (possibly more or less the NI system is complex)

Leaving you with a total profit of £37.21.

Not quite, since he won't have to register for VAT until his turnover reaches £67,000. Therefore he won't have to charge VAT on his sales until that time. And if he did register for VAT he could reclaim the VAT on the inputs anyway.

 

[Col_M]

Not quite, since he won't have to register for VAT until his turnover reaches £67,000. Therefore he won't have to charge VAT on his sales until that time. And if he did register for VAT he could reclaim the VAT on the inputs anyway.

This is right, I was just about to say the same