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So are we talking a motorbike or an actual bicycle?
I'm not sure how much import duty for a Japanese bicycle is, but surely it isn't going to be enough to make physically going to Japan yourself and collecting it a worthwhile option.
Also, they're really on their toes at Heathrow. A friend of mine used to travel to Australia regularly for business and during one layover en route to Sydney, he commissioned a tailor in Singapore to make two silk suits for him, which he then collected on his way back to England two weeks later.
Long story short, he had to pay £300 import duty at Heathrow. They said it didn't matter that the suits were custom made and of no distinct brand name. They had an expert there for that sort of thing who valued the suits at around £800 each, I believe.
Still a good deal for my friend. Singapore suit tailors appear to be impressively good value, because my friend said he barely paid £500 for both of them. He showed the suits to me, they look every bit as good as the finest Armani suits I have seen.