Buying new rib in UK exporting to Ireland

[TimB]

Hi all early days yet but we are considering in the next 12-18 months purchasing a new RIB. We live in the EU part of Ireland, ideally as we have a Ribcraft 4.8, we are thinking of a bigger Ribcraft. Has anyone experience of doing this post Brexit. As in can we buy boat and not pay UK VAT and pay VAT once boat is back in Ireland, and also would we get hit for import fees. If on the other hand we bought a second hand RIB in UK would the procedure be the same. Asking early as we need to look at all implications before we do go ahead. Many thanks. Tim B

[Pikey Dave]

Originally Posted by TimB

Hi all early days yet but we are considering in the next 12-18 months purchasing a new RIB. We live in the EU part of Ireland, ideally as we have a Ribcraft 4.8, we are thinking of a bigger Ribcraft. Has anyone experience of doing this post Brexit. As in can we buy boat and not pay UK VAT and pay VAT once boat is back in Ireland, and also would we get hit for import fees. If on the other hand we bought a second hand RIB in UK would the procedure be the same. Asking early as we need to look at all implications before we do go ahead. Many thanks. Tim B

Ribcraft would probably be the best people to speak to. They have experience of exporting boats worldwide.

[willk]

Originally Posted by TimB

Hi all early days yet but we are considering in the next 12-18 months purchasing a new RIB. We live in the EU part of Ireland, ideally as we have a Ribcraft 4.8, we are thinking of a bigger Ribcraft. Has anyone experience of doing this post Brexit. As in can we buy boat and not pay UK VAT and pay VAT once boat is back in Ireland, and also would we get hit for import fees. If on the other hand we bought a second hand RIB in UK would the procedure be the same. Asking early as we need to look at all implications before we do go ahead. Many thanks. Tim B

IIWY I'd call Revenue and ask them about the Irish end of the deal. Get it in writing!

You're exporting from a Non-EU state so I'd imagine no VAT at the UK end. They might need to oversee the shipping though!

Now, you mention the EU part of Ireland - but the other bit isn't exactly not EU in some respects. There is a decent RIB builder there and you might find that the VAT and Duty bit is less of a PITA.

[TimB]

Who is that RIB builder you refer to please

[willk]

Originally Posted by TimB

Who is that RIB builder you refer to please

www.redbayboats.com

[TimB]

Originally Posted by willk

www.redbayboats.com

Thanks will have a look

[willk]

Not forgetting my fellow countymen of course:

https://atlanticcomposites.com/ribs/

[Deno]

Haven Marine are supposed to be building Excalibur Ribs again - not on their website however. They were supposedly very capable, similar to Redbay or Ribcraft.

Haven Marine - Cork's leading supplier of outboard motors

Ribcraft have an Irish dealer? SOUTH COAST MARINE & LEISURE

[Barrowboy]

I’ve been in touch with Ribcraft this week and asked for details of their Irish ‘Distributor’ or ‘Agent’ with a view to ordering a new boat. The response is that, for the moment, they’re handling everything directly from Yeovil and Jason informs me that all I’d be liable for is Irish VAT on entry to Ireland. There would be no UK VAT charged and no additional duties or taxes, apparently.....

[TimB]

Yes I am aware of this as I had an email from Jason. However I think revenue here in Ireland will say ok you paid for example 40k sterling, at today's rate of exchange that is £40K X 1.15 euro = 46000 euro we will then hit you with Irish VAT at 23% off 46000 euro, so add on about another 10k euro to your price, so your £40K boat at today's exchange rate comes out at 56000 euro. So you need to be aware of euro v pound rate and factor that in. so if you then factor what UK vat would be at 20% on the 40K boat, we reckon, that overall you will pay about 1200 more as Irish vat is 23%=compared to UK 20%. The biggest issue I see is when a motorhome gets imported into Ireland revenue here, will put their own value on it so you buy a motorhome in UK for £50k, but revenue value it at 60K euro, you can challenge, but you might loose. It is a fecking minefield, poxy Brexit

[Barrowboy]

I’m not an Accountant but if the boat was to be imported into Ireland by an Irish VAT registered business and used commercially, presumably there wouldn’t be any VAT payable would there?

[TimB]

As I understand it commercial I don't think you get hit, but don't quote me on that

[TimB]

Also if buying a second hand rib from UK, unless you can prove vat paid, you get stuffed big time

[Dankoozy]

Any trouble bringing a Rib from Ireland to UK for retubing and back again?


Price of retube in Ireland has gone silly

[willk]

Originally Posted by Dankoozy

Any trouble bringing a Rib from Ireland to UK for retubing and back again?y

I'm sure you mean: "going on holiday with a sun damaged blue rib and returning without the sun damage?"

[Maximus]

Originally Posted by Dankoozy

Any trouble bringing a Rib from Ireland to UK for retubing and back again?

FFS...
about as much as buying a new pair of Jeans when you wear out the old ones on holiday


Price of retube in Ireland has gone silly

...like many other things I hear

[Maximus]

Originally Posted by Dankoozy

Any trouble bringing a Rib from Ireland to UK for retubing and back again?



FFS...
about as much as buying a new pair of Jeans when you wear out the old ones on holiday


Price of retube in Ireland has gone silly

...like many other things I hear
Still....the Powers that be (for now) are working on a Trade/Finance deal with China which ...
is meant to help!

[EUPremier]

Originally Posted by TimB

Yes I am aware of this as I had an email from Jason. However I think revenue here in Ireland will say ok you paid for example 40k sterling, at today's rate of exchange that is £40K X 1.15 euro = 46000 euro we will then hit you with Irish VAT at 23% off 46000 euro, so add on about another 10k euro to your price, so your £40K boat at today's exchange rate comes out at 56000 euro. So you need to be aware of euro v pound rate and factor that in. so if you then factor what UK vat would be at 20% on the 40K boat, we reckon, that overall you will pay about 1200 more as Irish vat is 23%=compared to UK 20%. The biggest issue I see is when a motorhome gets imported into Ireland revenue here, will put their own value on it so you buy a motorhome in UK for £50k, but revenue value it at 60K euro, you can challenge, but you might loose. It is a fecking minefield, poxy Brexit

Hi Tim,

I think you’ve over complicating this a bit.

1. Currency

Exchange rates are a fact of life. There are swings and roundabouts. STG£1 may equal €1.17 but pay rates are lower in UK.

So, Revenue using the converted Euro equivalent to your Sterling invoice is fair, by any reasonable measure.

Save money on your exchange rate by using Currency Fair. It’s an online FX provider and will save you about €1000 on £40k compared to highstreet banks. There’s a preamble to opening an account for money-laundering legislation, so get to it in preparation.

2. VAT

There is a 3% differential between ROI & UK.

It’s a thing. Nothing any of us can do about it.

3. VRT (Motorhome mention)

Vehicle Registration Tax, thankfully, does not apply to boats. So, the OMSP (Open Market Selling Price) calculation by Revenue does not apply.

Solution:

Agree a build and price with a UK RIB vendor. Pay invoice & UK VAT via Currency Fair.
Book an outbound ferry ticket and drive to UK with a suitable 4x4 w/towbar.
Book a return ferry ticket via Belfast.
Collect boat and return to the island of Ireland via Belfast. Buy coffee.
Drive South.
Job OXO.

Thank the Northern Irish Protocol, general resistance to borders, the Good Friday agreement etc.

In this example, you’ll save 3% on VAT and pay zero
import duty.

It’s also worth mentioning that cars, manufactured in the UK, for some reason I’m unaware of, do not attract import duties (other than VRT). This is bizarre as vehicles manufactured in, say, Germany, which are registered in UK first, do. Why a non-EU vehicle avoids duty yet an EU car does, is beyond me. Must look it up. So, this raises the question of whether boats manufactured in UK can also avoid duty???

[EUPremier]

Originally Posted by TimB

As I understand it commercial I don't think you get hit, but don't quote me on that

‘Commercial’ means the user is VAT registered and has a good reason to leverage their VAT status for the purchase of boats i.e work use -and not for personal pleasure
Pre-Brexit, such an individual or entity could simple provide their VAT number to the RIB vendor and have the invoice ex-VAT. Pay it and import it without VAT or duties.
VAT would only again be relevant when the importer decided to sell the craft -the agreed SP would have to include VAT -the VAT amount returned to Revenue.

Post Brexit:

Generally speaking, VAT is payable on import for all goods landing from outside EU regardless of the importers VAT status. But, the VAT may be reclaimed. It does mean you need to have the VAT money to-hand to receive the craft, however.

[EUPremier]

Bring the craft over & back via Belfast yourself.