China manufacturer under declared value

[myrong]

This is for an account in my real name etc that I will pay income tax on.

Just wondering what I can do? is it obvious regarding the low import duty I will pay on this shipment compared to the goods value I put down as costs?

Any one had experience in this?

thanks in advance.

[myrong]

would appreciate any advise on this as shipment is due to arrive soon and not sure if I really need to tell them to correct the invoice or not, possibly delaying the release.

[phaz0rz]

Tax concerns are drastically different in UK compared to USA. With that being said though, all of our shipments are declared about 10% of their actual value. I import at least 20 shipments monthly and I haven't ever had a single problem. Saves me tons of $ in import taxes.

Forgive me here as this is probably due to cultural differences, but I'm not fully understanding your concern. When you do your taxes in the UK, are you required to definitively prove the value of every single item you've imported?

[myrong]

Originally Posted by phaz0rz

Tax concerns are drastically different in UK compared to USA. With that being said though, all of our shipments are declared about 10% of their actual value. I import at least 20 shipments monthly and I haven't ever had a single problem. Saves me tons of $ in import taxes.

Forgive me here as this is probably due to cultural differences, but I'm not fully understanding your concern. When you do your taxes in the UK, are you required to definitively prove the value of every single item you've imported?

thanks for replying.

I suppose as this is my first import and april is the end of the tax year it'll stick out I feel.

When I declare the real shipment cost when it comes to accounts time but the amount I write that I paid for duty & VAT would be less than I should have paid, wondering if they'll discover that in an Audit etc. Already told them not to do it again.

Would appreciate more input please.

Do people under-value the import, you can PM me if needed.

[BaggaDonuts]

This happens all the time. They know customers get hit with higher customs fees for higher value shipments and under-value it. Also helps get past customs for lower value stuff sometimes (not always).

[myrong]

Originally Posted by BaggaDonuts

This happens all the time. They know customers get hit with higher customs fees for higher value shipments and under-value it. Also helps get past customs for lower value stuff sometimes (not always).

thanks was concerned about tax man going to bother calculating my import tax paid and my goods value. But then I remembered they don't know the commodity codes for duty so its pure guesswork.