Importing goods to the UK can be expensive and time consuming. Here are some tips to help make sure the decisions you make ensure a winning strategy for your business.
International trade really means the world is your oyster. You can find suppliers and customers anywhere in the world! The process of bringing goods into the UK can be very expensive. You need to take into account not only the value of the goods, but the costs of transportation, fees charged by service providers and any charges levied by the government such as export/import duty and VAT. Some of these charges are always going to happen, however there are some ways to cut the costs. Paying for the goods themselves is a good point – if you pay your overseas supplier through a regular bank transfer, there will be fees and costs added. The exchange rate offered might not be the best either! Using a special transfer provider to send money abroad might be a better option, saving you some money on fees and rates.
Getting your goods to you can be a challenge in itself. You have options of air, sea, rail and road. Some of these work out more cost effective than others, so calculating the costs of each option can mean savings if you choose the right options for you.