Our reference library gives you practical guidance. This is to help you understand the key concepts and procedures behind the yacht and aircraft taxation system.
When servicing your needs, these areas form part of our toolkit. This means Y & A Group, LP, are expertly positioned to advise you on every customs and VAT procedure you might encounter.
These are procedures under which yachts and aircraft may be lawfully placed. They include import, export and various special procedures.
EU Customs Territory
In global trade terms, the world is carved into ‘customs areas’ or territories. These include their territorial waters, internal waters and airspace.The EU is a uniquely large customs area. This is because it is comprised of twenty-seven European countries and most of their dependent territories.
We help you manage your exposure to indirect taxation in this customs area. This refers to the taxation that applies if you carry out a goods or services’ transaction, as opposed to direct taxation. The latter is typically levied on your wealth or income.
This vital service ensures your yachting or aviation operation remains safe and uncompromised.
Important terms to understand:
This duty is levied when your asset enters a customs area where it doesn’t already belong.
This is raised on excisable products such as fuel, alcohol and tobacco.
Value Added Tax (VAT)
VAT is imposed if you transact with a yacht or aircraft, or any goods and services associated with it such as:
- Undertaking works
Complying with related tax rules and controls in the EU and the UK means following specific procedures or necessary action.
This is where we can help.