It has often struck me that men treat watches, rather like cars, as something of a status symbol. I have sat in meetings many a time and watched the guy opposite hoist up a shirtsleeve to reveal a high quality timepiece, making sure to leave it on display just long enough for others around the table to catch an admiring glimpse.
There is no doubt that the watches of today are impressive, particularly when compared with the one and only watch I have ever owned: a Disney themed Timex I received as a Christmas present, circa 1975. Accurate to within about an hour a day and with standard features including a strap that broke on a weekly basis, the picture of ‘Mickey Mouse’ on the dial seemed somehow appropriate.
Technological advances have meant that today even watches at the low end of the market are capable of extraordinary levels of accuracy. So much so that manufacturers are constantly looking for new angles to entice prospective buyers.
If you are looking for something really different, check out the ‘Accurate’ from Mr Jones Watches, available through US watch supplier Watchismo.
The watch face features an hour hand that reads “remember” and a minute hand that reads “you will die”, whilst the reflective dial reminds the wearer exactly who the message is aimed at; an ideal gift for a friend or family member in need of some motivation.
For those looking for something different at the top end of the market, why not check out the Bozeman Watch Company? The US may not have a great tradition in watch making, but this Montana based outfit certainly produce some high quality timepieces. And the great thing is you can be fairly sure that none of your mates will already have one.
All of which brings us on to the subject of import taxes. In this regard individuals looking to make a purchase from the top end of the market can benefit from the unique method for calculating EU duty that applies only to watches.
Like other products, watches are subject to an ad valorem rate of duty, which is 4.5%. Unlike other products, the rate is subject to minimum and maximum amounts per watch (0.30 Euro and 0.80 Euro respectively).
This effectively means that the duty payable on a single watch, irrespective of value, cannot exceed 0.80 Euro (app. £0.70), as per the below calculation:
1 x Rolex watch @ £5,000 + freight/insurance @ £50
Total value for duty £5,050 x 4.5% = £227.25
As this exceeds the maximum payable per watch, duty defaults to 0.80 Euro. With the minimum duty threshold of 10 Euro, this in turn defaults to nil. That’s right, zero import duty on your Rolex!
So, even with VAT payable at the standard rate applicable in the country of import, the favourable duty position might just tempt you to get surfing and start looking for your dream timepiece abroad.
Happy bundling
Kevin
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