Dealing with import duties and taxes can be confusing, but understanding the basics can save you time and money. Here’s a quick breakdown:
Customs Duties Explained:
Governments impose customs duties to protect local industries and generate revenue on imported goods.
Key Fees You’ll Face:
Customs Duty: Charged on goods over £135, ranging from 0% to 25%.
VAT: Standard 20%, though some products like books and children’s clothes are exempt.
How to Calculate Duties:
Use either the CIF (cost, insurance, freight) or FOB (free on board) method to estimate the duty on your imports.
Read All You Need to Know About Customs Import Duty and Tax !
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