If I purchase wholesale items on ebay UK to sell on for a profit, how do I pay VAT?
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Hi Items I am interested in buying are wholesale items from China, Hong Kong and India. I intend to sell these on, on a market stall I am starting. Am I correct in thinking that VAT in addition to import duty will be payable on these items - at what point do I need to pay this and how? The ebay suppliers that I want to purchase items (fashion jewellery) from, only sell in small quantities ie 6 pieces for £12 - if I am purchasing small amounts from many suppliers, how do I correctly pay the necessary VAT amounts and when? (I will not be VAT registered as my earnings will be far below the threshold.) hope someone can help thankyou :)
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Answer:
If you're not VAT registered then you don't have to worry about VAT. You'll pay the purchase price, including taxes, and sell the goods at a profit. Don't forget to register as self employed with HMRC. www.hmrc.gov.uk
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