Legal For Tourist To Sell One Rolex In U.K. ?

[ALF61]

If I travel to the U.K and find a good buyer for my good watch, is it legal for me to sell it ? Any taxes due ?

[GolfPunk]

Originally Posted by ALF61

If I travel to the U.K and find a good buyer for my good watch, is it legal for me to sell it ? Any taxes due ?

The buyer would in theory legally have to pay VAT & Customs fees (around 29%), but you may have trouble bringing it through customs all boxed etc...would be better wearing it and posting the box etc separately.

[Devildog]

Originally Posted by GolfPunk

The buyer would in theory legally have to pay VAT & Customs fees (around 29%), but you may have trouble bringing it through customs all boxed etc...would be better wearing it and posting the box etc separately.

I don’t think so Gary. The buyer isn’t importing it and is buying it in the UK so no VAT or duty payable by the buyer (IMO)

[GolfPunk]

Originally Posted by Devildog

I don’t think so Gary. The buyer isn’t importing it and is buying it in the UK so no VAT or duty payable by the buyer (IMO)

I think it’s a tricky situation..if the importer hasn’t paid duty and smuggled it in, then i think the buyer could be liable still? Would be good to get clarification on it though.

[Andad]

Originally Posted by Devildog

I don’t think so Gary. The buyer isn’t importing it and is buying it in the UK so no VAT or duty payable by the buyer (IMO)

He is and there would be under those circumstances.

[Devildog]

Originally Posted by directioneng

He is and there would be under those circumstances.

Eddie, your wrong mate (and the irony of someone from Oz correcting soemone from the UK on UK VAT law is not lost on me )

There are specific UK VAT laws for imported goods.

If you are in the UK and importing goods from outside the EU you pay VAT at the prevaliing rate on those goods, whether they are new or used and whether or not you (the buyer) are VAT registerd or not.

The buyer here is not importing the goods and therefore is not liable for VAT. Its quite simple.

[tyler1980]

Originally Posted by Devildog

Eddie, your wrong mate (and the irony of someone from Oz correcting soemone from the UK on UK VAT law is not lost on me )

There are specific UK VAT laws for imported goods.

If you are in the UK and importing goods from outside the EU you pay VAT at the prevaliing rate on those goods, whether they are new or used and whether or not you (the buyer) are VAT registerd or not.

The buyer here is not importing the goods and therefore is not liable for VAT its quite simple.

thats what i think

Basically if you buy from David SW and he mails it to the UK, the buyer IS importing and pays VAT. If a dealer flies to the UK and the transaction happens in the UK then the seller IS importing. Who brings it into the country is the relevant thing here i think.

[MonBK]

Originally Posted by Devildog

Eddie, your wrong mate (and the irony of someone from Oz correcting soemone from the UK on UK VAT law is not lost on me )

There are specific UK VAT laws for imported goods.

If you are in the UK and importing goods from outside the EU you pay VAT at the prevaliing rate on those goods, whether they are new or used and whether or not you (the buyer) are VAT registerd or not.

The buyer here is not importing the goods and therefore is not liable for VAT its quite simple.

Very simple.

[Ruud Van Driver]

Originally Posted by Devildog

I don’t think so Gary. The buyer isn’t importing it and is buying it in the UK so no VAT or duty payable by the buyer (IMO)

I think you're bang on here, Scott. I can't imagine VAT being applicable on a second hand product; I know for certain that I can't claim my VAT back when I leave the UK to come back out here if I buy a watch from someone like Watchfinder.

[Quailhunter]

I travel Internationally often and I try to follow all the rules and avoid any possible violations. Once you get on the “ bad guy list” coming through Customs can get really ugly.

You have stated publicly that you are bringing in an expensive item with the intent to sell. Not a great idea.

[tyler1980]

Originally Posted by Quailhunter

I travel Internationally often and I try to follow all the rules and avoid any possible violations. Once you get on the “ bad guy list” coming through Customs can get really ugly.

You have stated publicly that you are bringing in an expensive item with the intent to sell. Not a great idea.

This. Its not worth getting flagged for the foreseeable future when you travel by avoiding paying what you owe and getting caught. Importing anything, and you pay duty. When my parents bring christmas presents for my kids when they visit they declare and pay duty if they are over the limit.

[Swiss Mad!]

Surely it depends whether the watch is brand new or second hand?

Isn't VAT only due on new goods when sold to the first owner direct from the manufacturer?

Once the item has been sold it becomes second hand, therefore no more VAT is due as tax has been paid by the first owner in the country it was purchased in?

[ZOOK]

Originally Posted by Swiss Mad!

Surely it depends whether the watch is brand new or second hand?

Isn't VAT only due on new goods when sold to the first owner direct from the manufacturer?

Once the item has been sold it becomes second hand, therefore no more VAT is due as tax has been paid by the first owner in the country it was purchased in?

I have read posts from your countrymen saying that coming to America and buying a Rolex watch doesn't work because they still have to pay import duty and VAT when returning home.

Not sure where that fits in this situation, but I wouldn't think a visitor/tourist could sell an expensive item while visiting another country without some kind of declaration when leaving the country.

[tng11]

I imagine it's the same rule, where if it's a gift and to be left in the country, VAT would be payable. But if the tourist takes it back out of the country, no taxes would be payable.

At least in Canada, I know of a case where a visitor brought over a Rolex for a relative as a gift. Tried saying it was his to wear, but Customs didn't buy it as it was unsized, had the box and paperwork all together. Got slapped with some pretty hefty fines and red flagged on all future visits.

[Tools]

Originally Posted by ZOOK

I have read posts from your countrymen saying that coming to America and buying a Rolex watch doesn't work because they still have to pay import duty and VAT when returning home.

Not sure where that fits in this situation, but I wouldn't think a visitor/tourist could sell an expensive item while visiting another country without some kind of declaration when leaving the country.

Yes, importing and selling is still importing whether you mail it or carry it. When you travel to a country you are required to report anything of value that you intend to leave behind (import), and pay all pertinent import fees and duties.

[tyler1980]

Originally Posted by Swiss Mad!

Surely it depends whether the watch is brand new or second hand?

Isn't VAT only due on new goods when sold to the first owner direct from the manufacturer?

Once the item has been sold it becomes second hand, therefore no more VAT is due as tax has been paid by the first owner in the country it was purchased in?

i don't think so. If you buy a used Rolex from a store that deals in second hand watches you are still paying VAT.

Im not an expert on how vat is applied but there are margin schemes where second hand goods can be taxed on the profit which is the difference between what the dealer paid vs the price they sold at or the normal rate, but there is VAT due.

Here is the FAQ from watchfinder. They are not an AD so every watch they sell is technically used and all watches are definitely being sold for at least the second time... "The price quoted includes VAT (or similar sales tax) at the prevailing rate. If the rate of VAT changes between the date of your Order and the date of dispatch, we will adjust the rate of VAT that you pay, unless you have already paid for the Goods in full before the change in the rate of VAT takes effect."

[Swiss Mad!]

Originally Posted by tyler1980

i don't think so. If you buy a used Rolex from a store that deals in second hand watches you are still paying VAT.

Im not an expert on how vat is applied but there are margin schemes where second hand goods can be taxed on the profit which is the difference between what the dealer paid vs the price they sold at or the normal rate, but there is VAT due.

Here is the FAQ from watchfinder. They are not an AD so every watch they sell is technically used: The price quoted includes VAT (or similar sales tax) at the prevailing rate. If the rate of VAT changes between the date of your Order and the date of dispatch, we will adjust the rate of VAT that you pay, unless you have already paid for the Goods in full before the change in the rate of VAT takes effect.

The store will be VAT registered and will probably claim back as much VAT as they pay out.

I Don't see the difference between 2 randoms who aren't VAT registered doing a face to face deal and you or I buying a used watch from the small ads or eBay?

You wouldn't pay VAT on a private sellers watch on eBay, so what's the difference?

Cheers

Sent from my Moto G (4) using Tapatalk

[Ruud Van Driver]

Originally Posted by tyler1980

i don't think so. If you buy a used Rolex from a store that deals in second hand watches you are still paying VAT.

Im not an expert on how vat is applied but there are margin schemes where second hand goods can be taxed on the profit which is the difference between what the dealer paid vs the price they sold at or the normal rate, but there is VAT due.

Here is the FAQ from watchfinder. They are not an AD so every watch they sell is technically used and all watches are definitely being sold for at least the second time... "The price quoted includes VAT (or similar sales tax) at the prevailing rate. If the rate of VAT changes between the date of your Order and the date of dispatch, we will adjust the rate of VAT that you pay, unless you have already paid for the Goods in full before the change in the rate of VAT takes effect."

And yet they won't (or can't?) provide the appropriate paperwork to allow me to claim the VAT back when I leave the UK and return to Singapore. Another reason for me to avoid them.

[Swashplate]

Originally Posted by tyler1980

This. Its not worth getting flagged for the foreseeable future when you travel by avoiding paying what you owe and getting caught. Importing anything, and you pay duty. When my parents bring christmas presents for my kids when they visit they declare and pay duty if they are over the limit.

FACT: I was busted bringing in some delicious pork pies and now I am on a watch list. Now there is some irony.....

[ALF61]

Originally Posted by Quailhunter

I travel Internationally often and I try to follow all the rules and avoid any possible violations. Once you get on the “ bad guy list” coming through Customs can get really ugly.

You have stated publicly that you are bringing in an expensive item with the intent to sell. Not a great idea.

I haven´t stated anything. It is a wild idea that crossed my mind with obvious concerns on legal implications and a willingness to comply with any laws and due taxes. I think it is an interesting question after I read what happenned to a pilot with his Batman. The issue is evidently confusing as there are members who are also uncertain. It is after all only a question, not an intent.

[Tampashooter]

Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales?

[Nairn1980]

Originally Posted by Tampashooter

Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales?

....nice!

[tyler1980]

Originally Posted by Tampashooter

Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales?

advocating breaking the law which it is, in addition to injecting an inflammatory topic that is best left esleware

[rootbeer7]

Originally Posted by Tampashooter

Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales?

That's a little unfair.

[Devildog]

Originally Posted by Tampashooter

Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales?

Might want to keep your own house in order before criticising others Mike. Just saying.

[Gaijin]

Originally Posted by Tampashooter

Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales?

[G'ed]

Keep the watch, box and paperwork separated. I don’t see any issue unless you scream “I’m here to sell this watch!” to any custom officer you met at airport.

[artschool]

just goes to show how daft some of the rules are.

[tamiya]

Originally Posted by artschool

just goes to show how daft some of the rules are.

y'think?

I once got involved in the "temporary importation" of a "valuable dutiable item" into the UK, it would only be there for a few weeks then reexported back home. Shipping in & out all booked & prepaid with longstanding transport companies, no issues there.

But then the British Excise or whatever foreign affairs Department got into the game and insisted that we also prepay the applicable duties... "just in case the item didn't ultimately leave the country &/or in same valued condition as on entry"... which they required as a bond drawn on a UK bank = extra paperwork.

Great

[Andad]

Jeez guys, ring Customs and just ask them.