Imported item from the US, undervalued

alryn

Registered User
Messages
7
Just wondering how I should go about this.

I recently purchased an item that I intend to use for my business (non-VAT registered sole trader). It's value is 4 figures but the sender wrote the comma in the wrong place, resulting in the item being undervalued by 100 times! Somehow it slipped through (I checked with fedex and they told me I didn't have to pay any taxes because of the minimal value)!

As I want to use this for my business and intend to claim capital allowances (and to do the right thing), I'd like to pay the correct tax. What should I do, just ring revenue? I don't want to get the sender into any trouble since it was definitely just a mistake on his part.

Thanks
 
They wont believe the mistake bit, especially after the apple for garlic scam.
I don't work in tax so what follows is just my opinion:
If you know what the exact tax should have been I would pay it now via ROS under the different headings: VAT,Customs duty etc and explain the payment when u next file accounts.
If you have a history of importing stuff they may hit you with an inspection so you might avail of any lag between payment and telling them as an opportunity to get everything squeaky.
The size of your business vis a vis the item may just be too small for them to bother you. It depends
 
Thanks for that. Not vat registered so nowhere to pay vat on ros.
This was the only time buying from the us (or anywhere outside the eu).
Have the invoice of the item and know what the exact vat as duty should be.
Think I'll just ring up.
 
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