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Keeping records...tax...accounts
 

Hello, just want to carify something...

i'm registered as self-employed (UK) ...now started imports fm China...no customs duty & VAT...invoices are marked as "not for re-sale, samples only"...
in this case i assume invoices are not valid for tax purposes...

How do you cope with this? What is used for self-assesment?

I have to get my records done somehow...

Umm, would you consider getting creative with the documents? i dont think they will call china to verify thats the price you paid for the goods. If they ask to see how you paid say it was with money order.

You go introduce yourself to this wonderful site:

HM Revenue & Customs: VAT

You'll need to read it thro' and work out exactly what is needed. Then, find a tax agent.

Tax advice is not done here: we direct you to the outside (forum) sources.

That said, do not expect to bring in too many (supposed) samples.... HM Revenue knows that trick already. You have get organised from the start because should you upset HM Revenue they play mean.:juggle:

IMO you should ask for the invoices to be accurate. That way you claim back the VAT paid for import and do not alert HMRC to non-levied goods. If you think eBay and PP are bad, wait til you get HMRC on your back ;-)