Important fact that you need to be aware of
before you start importing product.

import

I advise everyone to check out the true cost of your product. You can be excited by getting a great product cost, but you need to make sure that you include the cost of shipping, duty and VAT in your costs. Many people forget that that these costs form an integral part of the product cost, and can easily outweigh the benefit of importing them.  One of the first things I advise you to do is check the duty rate that is associated with your product. In the working out of your costs, check out the Taric code – see link  http://ec.europa.eu/taxation_customs/dds2/taric/taric_consultation.jsp?Lang=en

It will give you the % Duty (D) to add to your cost

Note
There is no duty if product comes within the EU. It is advisable to check what the Taric Code is before you start importing products from non EU countries as some items can have an anti-dumping duty rate applied. I have come across as much as 48% on some items and it does not make it worth your while to start importing your product.

To work out the duty cost
In addition to the cost of the unit from the manufacturer you need to include the shipping costs as well. To make it easy for you I have included a short product cost calculator to help you.

VAT is then worked out on the total cost of the product + shipping + Duty

No of Units

 

A

Total Manufacturing Cost

 

X

Shipping

 

Y       

 

Total (B)

(X + Y)

     

 Duty

 

(X + Y) x D

 

Total (C)

(X+Y) x (1XD)

VAT @ 23%

=

23% x ((X+Y) x (1XD))

     

Total Cost 

=

1.23 x ((X+Y) x (1XD))

Unit Cost

=

1.23 x ((X+Y) x (1XD))/ A

 

Note:
It is advisable that you check the duty rate with your local customs & excise office – they will advise you what it is.

If you need more information send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. and I will be only too delighted to reply.

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