Experienced figure hits back at those who say it is…
A leading supplier wants to “blow away the myth” that importing from the EU is problematic.
Monty Stuart-Monteith, managing director of Shaws Equestrian, has introduced many diverse and often innovative European brands to the UK market.
Rather than being difficult to buy stock from the EU – as some would like the trade to believe, he says doing so can hugely improve cash flow and profit.
To import, some preparation is needed, adds Monty who shares the following tips.
- Set up a VAT postponement account. This means VAT is not paid, helping cash flow.
- Set up up a duty deferment account so if any duties are due, they can be handled monthly.
It is important to remember:
- No duty is charged on goods made in the EU.
- Duty is charged on the country of origin if outside the EU. These can easily be checked on an excellent HMRC website.
- No company is going to import paying the VAT, duty or transport without adding it to the trade price with a margin - making money out of a remarkably simple process.
- RRPs should include extra costs, as indeed they should always.
If shops wish to import themselves, there is an opportunity to improve cash flow and margin, adds Monty.
“Importing is not difficult and each business can decide if it wants to import or otherwise,” he says.
“But please don’t be bluffed that it’s difficult.”
