Starting a trading or manufacturing business in Britain will proceed seamlessly only if you learn about hm customs and excise duties and work out all your payments on time. Most duties and taxes in the UK are managed by hm revenue and customs or hmrc, which was established in 2005 following the merger of hm customs department together with the revenue department.
If your business involves importing goods or services from member eu states which have embraced vat there are certain vat rules that need to be followed www.vatvalidation.com not only in the country of origin but also in the UK. If you want to go in for vat refund for vat already paid in the original country or if you wish to enjoy other advantages offered by vat then you will need to turn into a vat registered trader. In Britain this can be achieved once you touch the vat threshold figure of £70,000 in taxable sales.
When you import goods or services in the UK then you’ll also need to pay the appropriate customs duties depending on the nature of the goods. If you plan to import alcohol or tobacco products then you will have to pay excise duty to the hm customs and excise department. There are 14,000 classifications furnished by the hmrc vat department and customs, excise, import vat and sales vat duties would depend on this classification.
If you have already paid vat on goods or services in another country before importing it into the UK then after paying all your duties, you can still claim the vat paid in the other country by furnishing all the required details. In order to successfully get a vat reclaim, understanding of uk vat and eu vat rules is a must. Whilst you can certainly get all the required knowledge from your hm customs and excise website you possibly can still use the services of experienced customs duty and vat agent. This type of agent could help pay your customs and excise duties while also preparing your vat returns in the stipulated time. An agent with offices abroad would be ideal since you may also go in for vat refunds in countries where you might have already paid vat.
As soon as you pay all your duties and find a way to reclaim vat successfully, you’ll be able to accomplish ideal costs for the products and services, thus increasing the efficiency of your business. In times of competition avoiding double taxation would be a huge asset while paying your customs and excise duties dutifully will keep yourself the right side of the law. Anyway, the amount of money which you pay as import duties and vat is utilized by the excise and customs department for public services. With technology close at hand, you can now pay most of your taxes including vat online by registering your enterprise at the hmrc website.
Customs and excise duties together with variety of vat forms an essential revenue stream to the government of the UK. In case you have started a business in the UK or have got a manufacturing plant that needs to import capital goods or spares from other countries including eu countries then you’ll need to read about hm customs and excise duties in order to quickly give the appropriate amount of applicable duties for your imports.