TeaMonsta
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Can I reclaim VAT on imported wood from EU?
TeaMonsta replied to TeaMonsta's topic in Business Management
Thanks, folks. I've had a few containers delivered since Brexit. HMRC charge the VAT when it lands at the dock. This amount is shown in the E2 declaration and is supposed to be taken care of in my quarterly VAT return (unless deferring it or paying immediately) but I'm not sure that my accountant has gone about things the right way and so I'm concerned that I might get hit with a big bill in the future. If it can be reclaimed, though, there's no problem... -
I am VAT registered and import firewood from Lithuania and Latvia. My accountant is telling me that no VAT is due on the imports but I'd like to check with anyone else who imports, so that I don't get any nasty surprises later on. Is the accountant right? Or if VAT is due, can I reclaim it in my next VAT return? Thanks in advance for any advice offered
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How long for dried wood to regain moisture?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
Thanks for your replies, everyone. Thanks, GDH. That's a pretty good indicator and all I need to know, really. It's encouraging noting your location, too, where, like where I am, you'll see your fair share of wetter weather and higher humidities. -
I imagine this question is probably a bit like asking, "How long is a piece of string?" but it's just to give me a very rough idea, based on your experiences and knowledge. I'd like to know at what rate could I expect a 2 cubic metre cubed crate of typical stacked logs (kiln-dried to say, 10% moisture content) to take on moisture? I realise that there are so many variables such as airflow rate, relative humidity, thickness of logs, density of wood etc. that it would be impossible to answer accurately but if I keep a crate of kiln-dried logs (let's say ash) in my garage for 6 months, are they going to gain 10% moisture in that time? Or is the process generally much slower or quicker? Just wondering. Thanks in advance for your comments.
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Thanks everyone. Makes sense now.
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Thanks, Brett. I'd assumed I'd be charged 20% VAT by the supplier. That's probably what confused the accountant. So, as an example, if I bought at £100 plus 5% VAT (spent £5 in VAT) and sold at £200 plus 5% VAT (earned £10 in VAT), I'd have to pay £5 to HMRC (£10 earned in VAT minus £5 spent in VAT)?
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I'm hoping to start selling firewood locally. My potential suppliers have quoted me prices plus VAT (I'm assuming that to be 20%). Am I right in thinking: 5% VAT should be applied to the price of the wood that I sell (either £X + VAT or VAT included in total price charged)? The 20% VAT that I will be charged by the supplier can be reclaimed (if I'm VAT registered)? I've telephoned a local accountant but she was unsure saying that VAT is complicated and not logical much of the time so I thought I'd ask here. I hope you can help and thank you in advance for your advice.
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Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
Good idea. Maybe something I can use in the future but at the moment the containers will be on a site that is not secure (although tucked away). Thanks for the input, though -
Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
(this post entered by mistake then deleted) -
Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
Some great ideas. Thanks all. I should point out that the site on which the containers will be placed is not secure although it is tucked away. It's a bit of unused ground that I've enquired about. I should be able to get electricity to it from (what will be) the landlord's property and it's easily accessible for an artic. Lots of things to tie up first, anyway, but trying to gather as much info on everything I can before committing. -
Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
There seem to be plenty of solutions to the problem; vents, dehumidifiers, fans at either end, heaters, insulation, special internal coatings. It's looking promising. -
Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
It's a risky thing to do; they're much bigger and stronger than anyone I know! -
Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
Thanks for all your tips and advice, folks; exactly what I was after and much appreciated. I'll have a Google on your suggestions and see what I can come up with. In the meantime, I'm more than happy to hear from others if they have had experience or know of ways to minimise the potential issues. Many thanks! -
Storage of logs in a shipping container. Good plan or not?
TeaMonsta replied to TeaMonsta's topic in Firewood forum
I know they exist with vents so if I can get ones like that, I'm hoping it'll work. We had the entire contents of our flat in a container for 14 months once. It had 4 vents. We were warned about condensation but never experienced it. Everything was fine. But the contents were dry and logs hold moisture so it might be a different story...... -
I'm considering storing bags/crates of kiln-dried logs in shipping containers as a cheap storage solution. However, my concern is that the logs might start to develop rot due to insufficient airflow through the container. I have thought about spacing out the crates/bags and not pack them in tightly. This should go some way to helping but that will mean more containers and therefore higher costs. Could anyone offer any tips or advice, possibly alternatives that might be feasible? Thanks in advance.