Reply With QuoteI was in Manhattan a couple of months back and had a look at the pricing for a stainless Sub.
The price was more or less the same as buying in the UK, that was without any taxes you may be obliged to pay.
Afternoon all,
Has anyone done any research on buying a watch in New York and bring it back to the UK? (New Rolex)
Does it make sense with the current exchange rate - what are the tax/duty implications?
Thanks
Josep….
I was in Manhattan a couple of months back and had a look at the pricing for a stainless Sub.
The price was more or less the same as buying in the UK, that was without any taxes you may be obliged to pay.
I was in NYC last year when the Tag F1 GMT auto came out. Wish I'd bought it, I would have had it 6 months before the UK market and a good few hundred quid cheaper.
There are also two great places, one a few doors down from the Rockerfeller and the other out the back of Carnegie hall. I can't remember their names so happy hunting :)
Import tax on coming back into the UK is 20% VAT. You are responsible for declaring it at Customs. Not doing so is a crime.Originally Posted by josep
Lots of people don't declare and get away with it but I'm certainly not recommending committing any crime.
Does that also apply to second hand watches?
^^^yes it does my Sothis cost about 350 quid to HMRC
Probably yes, anything entering the European Union
I've looked at watches in NYC many times over the years and I'm yet to bother buying one-
the Rolex list price in Manhattan is about the same as London and you get a watch with US papers
instead of a UK 160 Rolex which may be better news when selling.........
Yes, new or second hand makes no difference here.
Don't forget to add on the NY sales tax and sometimes surcharge for credit card.
I've looked at buying a Rolex in the US a dozen times or more (NY, Vegas, Orlando) and it's never made much sense. If the Ł to $ was 1.75 plus maybe but anywhere south of that and there's not much saving if any at all. Plus you are supposed to declare on entry to the UK and then (assuming you did) it becomes more expensive.
The Caribbean is cheaper because it's tax and duty free (again you're supposed to declare), but the cheapest places at the moment are in Europe because the € is very good for Brits. I've just bought in Italy and there are some great deals to be had - plus there's nothing to declare on return.
Thanks all.
Joe
Looked earlier this year when we visited - no real savings TBH.
When you look long into an abyss, the abyss looks long into you.........
I can't believe anyone voluntarily declares their purchase. If you get caught you pay the same tax so just keep your mouth shut. You could also mail the box and papers to your home and wear the watch.
There's plenty to choose from if you go to 47th street between 5th and 6th avenue, it was totally a wash with Rolex.
It took me totally out of my comfort zone though so didn't look at prices.
If you know your watches well, then go do it but people outside jewellers looking for the slightest look to jump on you. Nah, not for me.
AFAIK. It's possible to reclaim state sales tax on leaving the US. Now I have never actually done this, so would like to hear from others who have done this.
Personally, my experience has ended up by from UK or grey market. The exchange rate is not what it was, so I wouldn't bother buying in the US.
You mean sales people or thugs jumping on you
Haha, no I meant dealers trying to pull you into their shops.
I'm the type who likes to satisfy myself without someone bombarding me with "persuasion"
You were probably in the 'Diamond district' where there are a lot of stores buying and selling jewellery and watches and people standing outside the store trying to lure the customers.
There is quite a selection but these are not ADs.
At stores like Tourneau and Wempe, you will not find anybody outside the store trying to get you in.
You're absolutely right Rajen. I got a price from Wempe on a new one as well.
I think you might find that you get a fine as well as the duty!
Do you voluntarily declare your income to HMRC?
If you are entitled to a certain amount of purchases duty free on re-entry then the balance should be what you pay VAT on?
but that is not the case:
"You can bring in other goods worth up to Ł390 (or up to Ł270 if you arrive by private plane or boat).
If a single item’s worth more than your allowance you pay any duty or tax on its full value, not just the value above the allowance."
(From the HM gov.uk website, duty being 2.5% for items up to Ł630, and then theres the VAT to pay too)
5 times out of 10 on a late flight I bet you will be asked to carry on as the bloke in customs doesn't want the hassle at that time of night
Last edited by Xantiagib; 1st December 2015 at 12:20.
USD very strong right now vs GBP, not the best timing.....I would look at a EU deal and you can avoid this whole import thing.
As far as I know, Customs Duty on watches is 4.5% BUT it is calculated in a very odd way with the permissible range of absolute values bracketed to a very low amount per watch. I see to remember (but have not checked recently) that the maximum is the national currency equivalent of €0.80. Since this is so low it won't be collected as far as I know, so it will just be the 20% VAT that is actually collected.
Customs Duty on watches is only relevant on shipments of multiple watches and, even then, due to the bracketing, it is only significant if the watch values are very low.
P.S. The reason I always refer to "Customs Duty" is because there is also "Excise Duty" which is a different thing.
Last edited by markrlondon; 2nd December 2015 at 08:36. Reason: Fixed Freudian spelling error
No, my employer does.
Absolutely. You can depend on it. And the fine comes from the courts, not just the officer at the desk. Did you know that HMC have the authority to seize smuggled goods? See here:
http://www.hmrc.gov.uk/manuals/tobcs...TOBCSC2200.htm
This section only mentions tobacco but the Queen's Warehouse covers all sorts of goods. Take it from somebody with 40 plus years in the import business, do not smuggle stuff. It really isn't worth the risk.
Rob
Ask them to stop doing that. Then you won't have to pay any income tax. No point volunteering that information - let HMRC find out for themselves, if they're so clever!
Again the employer can be fined for not making monthly returns to HMRC under the new "real time information" system the whole system is now so computerised it is becoming increasingly difficult not to leave a paper trail. More resource is being allocated to compliance work than ever before
Come on, it's completely different. It's a bloody watch purchase.
It is your personal responsibility to declare goods on entry to the UK and so it is the individuals choice. However it is breaking the law not to declare imports and so you are not likely to have forum members congratulating you on this stance or suggesting this as good practice.
HMRCactually have the power to seize the goods and you might not see it as such good practice then!
Income tax or VAT from a watch purchased, theyre still both funding the schools and hospitals we so heavily rely on.
I'm not after congratulations I'm just being honest and realistic. If you declare it you're a mug as you could have just bought it here so what's the point?
What's that?
a) It was a spelling error (which I have now retrospectively fixed)!What's that?
b) Excise Duty is the tax charged on alcohol products and I think tobacco. Possibly other things too, not sure. It is charged both on products produced within the UK and on products imported into the UK (including in some cases, as I understand it, imported from other EU countries).
I know this doesn't apply to watches but, being pedantic, I still prefer to clearly differentiate between different taxes.
Last edited by markrlondon; 2nd December 2015 at 08:36. Reason: Fixed error
I fear this is now getting close to a political discussion which is not appropriate for Watch Talk.
As someone who perhaps unwittingly started this legalistic/moralistic/political sub-thread by saying "Not doing so [declaring at customs] is a crime", I want to make clear that I am making no moral or political judgement here about whether or not one should declare to the powers that be what one can potentially get away without declaring. My only observation was and is that it is illegal to not declare certain goods that one is importing.
The fact is that it is illegal. That is a fact.
Anything else is personal moral and/or political choice and probably isn't suitable for discussion here in Watch Talk.
Perhaps anyone who would like to continue the moral or political discussion could continue it in Bear Pit? :-) This thread would be more useful if it was kept to facts alone, such as tax rates and requirements, and the discussion or whether or not to comply with such requirements could be left to somewhere else.
P.S. As a public service and outlet for this thread, please see http://forum.tz-uk.com/showthread.ph...without-paying.
Last edited by markrlondon; 2nd December 2015 at 08:38.
Likewise Mark, I apologise for contributing to the change of direction of this thread OP. Good thread by the way.
Posting Permissions
