The International Trade Consultancy
VAT in International Trade Qualifcation
Eliminating import duty and VAT with Inward Processing
Jacqueline & Edward Ltd is a family business based in Yorkshire. For over 30 years they have been creating artisan engagement rings, ethical wedding rings and ethical jewellery.
Increasing numbers of enquiries were coming in from the EU and the USA which J&E were keen to capitalise on. However, when customers wanted to return a ring or a piece of jewellery for repair or to be resized import duty and VAT were charged to J&E, and their customers which detracted from their experience and added to the costs for both parties so a lot of sales were lost as a result.
The ITC applied for Inward & Outward Processing Relief so sizing and repair activities can be carried out with no import duty or VAT in either direction. As the value is often over £2000 this adds up to a considerable sum over the course of the year.
Company details
- Industry:
- Clothing, footwear and fashion
Oh my goodness this is AMAZING! I feel so much better now you’re managing this for us and it will dramatically increase our export sales if our customers don’t have to worry about duties etc.Jacqueline Bell Director Jacqueline & Edward Ltd