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Thread: Brexit resulting in unexpected taxes/charges

  1. #1

    Brexit resulting in unexpected taxes/charges

    Not sure if this has been discussed here.

    I don't want to start a Brexit debate (there are plenty of other places for that) but Brexit is starting to have an unwelcome impact on the costs of pre-owned watches.

    https://www.watchpro.com/exclusive-b...ch-businesses/

    https://www.bbc.co.uk/news/business-55752541

  2. #2
    Moderator RedsBluesGreens's Avatar
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    Brexit resulting in unexpected taxes/charges

    Interesting articles Rich, thanks for sharing.

    I’ve not heard of watches being issues yet, but I have had friends who have been stung for other items - such as paying £90+ ‘import charge’ on an item costing almost the same value...



    J.

  3. #3
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    Very interesting articles, thanks for sharing them.

  4. #4
    There's quite a long thread on another forum about this and what's quite apparent is the confusion surrounding it. It's actually quite straight forward but something that I suspect, no one was expecting. Simply put, while we were in the EU, there was a mutual agreement between countries that we effectively share the vat burden. However, now that we're solo, we have to raise our own taxes. That's vat on home grown sales but also vat on imports. Most people can get their heads around the commercial side of vat, after all, nothing really changes, we still get charged more or less the same vat that we always did. The difference now is that with pre-owned goods, the vat has been paid in another country which is of no use to the UK, so the UK will still charge vat on the import even if the vat has already been paid elsewhere. From an independent nations taxation point of view it makes complete sense but that's of no comfort to a private individual wanting to make an overseas purchase (and of course there are companies wanting to make a nice little earner from 'administration charges' on top)

    Of course, if you're a glass half full sort of person then it will almost certainly help sales of pre-owned goods in the UK.

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