Importing goods for resale

Soldie

Hi there,

I'm in a full time job but I'm looking to make some money on the side by importing goods in bulk from abroad for online resale here in Ireland. I'll probably be doing this together with a friend but it'll be a bit part operation to start off with, so I'm just wondering what the bare minimum is in terms of my legal obligations in order to make this above board - i.e. do I need to register myself and, if so, what as? What taxes will I be liable for? As an aside, could somebody advise me of where I might find out what the VAT rates are for various goods? All advice is welcome.

Many thanks.

chillywilly

Soldie wrote: »

Hi there,
As an aside, could somebody advise me of where I might find out what the VAT rates are for various goods? All advice is welcome.

Many thanks.

Here is the links for the various VAT rates:

http://www.revenue.ie/en/tax/vat/rates/index.jsp

Hope this helps.

ssbob

Soldie wrote: »

Hi there,

I'm in a full time job but I'm looking to make some money on the side by importing goods in bulk from abroad for online resale here in Ireland. I'll probably be doing this together with a friend but it'll be a bit part operation to start off with, so I'm just wondering what the bare minimum is in terms of my legal obligations in order to make this above board - i.e. do I need to register myself and, if so, what as? What taxes will I be liable for? As an aside, could somebody advise me of where I might find out what the VAT rates are for various goods? All advice is welcome.

Many thanks.

DEFINITELY GO SPEAK TO AN ACCOUNTANT, IMPORTING CAN BE COMPLEX ENOUGH AND DEALING ONLINE EVEN MORE COMPLEX ESPECIALLY WHEN DEALING WITH FOREIGN COUNTRIES ETC.

Soldie

Thanks for the replys, guys. If anyone else has any advice it'd be welcome.

TheWaterboy

Don't over complicate it - Register as a Sole Trdader, Import the goods, Sell them on Ebay, declare your profit as part of your Form 11

That's pretty much your legal obligations done.

If you see this as a decent sustainable business then after that go talk to an accountant, register a company with your partner etc etc..

ssbob

TheWaterboy wrote: »

declare your profit as part of your P60

That's pretty much your legal obligations done.

What does this mean...................P60 is a form you get from your employer at the year end stating your income, tax, prsi etc.........if you register as a sole trader you will have to fill out a FORM 11, included in this will be extracts from your accounts and also your P60 information will be included here.

Please do not listen to people who do not know what they are talking about.

TheWaterboy

ssbob wrote: »

What does this mean...................P60 is a form you get from your employer at the year end stating your income, tax, prsi etc.........if you register as a sole trader you will have to fill out a FORM 11, included in this will be extracts from your accounts and also your P60 information will be included here.

Please do not listen to people who do not know what they are talking about.

Sorry my mistake - Ive rectified it now!

Soldie

Thanks for the tips. At what point in time am I obliged to pay VAT on imported goods? i.e. Can it be deferred or must it be paid on arrival and then claimed back?

ssbob

Soldie wrote: »

Thanks for the tips. At what point in time am I obliged to pay VAT on imported goods? i.e. Can it be deferred or must it be paid on arrival and then claimed back?

Hi Soldie,

You pay VAT on point of entry as follows:

Say you purchase goods in China for €10,000
You then add excise duty(which can be anything from 0% to 12.6%)

And then you are charged VAT on the purchase price plus the excise price.

Will send you a pm later Soldie.

ssbob