Importing and Exporting Collectibles
In order to maximise profit within your business, you may find that at times you need to get involved in importing or exporting collectibles. Many small businesses find that they can obtain items from abroad cheaper than within the UK and understandably turn to importing as a way to increase not only the variety of stock they hold, but the profits they can make in selling them. If you do decide to get involved in importing and exporting, you will need to learn about import tax, export duty and all the other fees and charges that come with obtaining goods outside of the UK.
Making the Decision to ImportIn the collectibles business, it can sometimes be difficult to source rare or limited items from within the UK. Your usual suppliers may not be licensed in the UK to distribute the items or you may simply find that there’s a shortage in the UK if the allocation is small. At these times, your mind may turn to the thought of importing from the USA or Far East. Often, when it comes to collectibles, Japan, China and the US have items first and in larger numbers than in the UK. You can search out distributors in these countries online fairly easily and once you make contact and obtain quotes, you may find that it’s the right time to get started in importing.
Essential Information About ImportingWhen you decide to import items to sell in the UK, there are a variety of legalities you need to be aware of. The most comprehensive information can be found on the HMRC (Her Majesty’s Revenue and Customs) website, where there are many documents to deal with every aspect of important. There are a few main basic points that everyone should know however, which will help you understand whether importing goods is the right way to go for you and your business.
One of the main things to realise when importing goods from outside of the EU is that you will be liable for paying duty and VAT on those imports. In order to find out exactly how much you’re meant to pay, you should contact the National Advice Service (NAS) who have their information listed on the HMRC site. They deal with all the legal issues and payments of importing and can advise you on your individual circumstances. If you’re importing, you let them know and the goods will be classified in a certain category. Normally collectibles aren’t considered to be dangerous goods in any way, but now and again, if you’re importing collectible weapons, these may need individual consideration. NAS can tell you of the exact import duty that is required to be paid before you get the goods, but in many cases, you’ll be delivered the goods by a freight or courier company and will receive an invoice at a later date for customs charges.