HMRC has published guidance on how importers and clearing agents should calculate VAT liability on goods entering the UK by using the declared customs value. The guidance covers the methodology for determining the VAT assessment base when goods cross the border, which differs depending on whether the transaction involves a sale, a gift, or goods imported for other purposes. This process is essential for customs declarations and affects the total import duty and tax payments required when goods arrive in the UK.
Source: HMRC (GOV.UK) – Read the original