Calculating Banjo Import Costs From the US to the UK
The following is taken from our free buyer’s guide to customising an open back banjo. You can download the full version by clicking this link.
Figures correct as of Feb 2013.
One thing you will want to consider when buying a custom open back banjo is if there are any delivery or import duties. Currently you can import an instrument from the EU without paying import.
If you decide to import a custom banjo from the UK you’ll want to factor in the additional import duty and VAT. Currently the import rate on a banjo is 3.2% and the VAT is 20%
What does this mean for you and your banjo?
Here’s a quick breakdown based on those rates with a USD/GBP exchange rate of 0.6328
Total Banjo Cost (including Shipping and insurance) – £1500
Import Duty @ 3.2% £48.00
VAT @ 20% £309.60
Total Import / duty costs £357.60
Total Landed cost for a £1500 banjo £1857.60
It’s good to be aware of this additional cost so there are no surprises if you do order a banjo from the US.
Of course, if you’re in the UK and came to McLeod Banjos, we can avoid that cost, or put that extra £357.60 into more customisation for your banjo. 🙂