Starting a trading or manufacturing business in the UK will proceed seamlessly only if you learn about hm customs and excise duties and make all your payments in time. Most duties and taxes in Britain are managed by hm revenue and customs or hmrc, which has been established in 2005 following the merger of hm customs department together with the revenue department.
In case your business involves importing services or goods from member eu states that have embraced vat there are certain vat rules that need to be followed vatvalidation.com not only in the country of origin but also in Britain. If you want to go for vat refund for vat already paid within the original country or if you want to enjoy other advantages provided by vat then you’ll have to turn into a vat registered trader. In Britain this can be achieved when you touch the vat threshold figure of £70,000 in taxable sales.
When you import goods or services into the UK then you will also need to pay for 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 will depend on this classification.
If you have already paid vat on goods or services in a foreign country before importing it into the UK then after paying all of your duties, you are able to still claim the vat paid inside the other country by furnishing all the required details. In order to successfully obtain a vat reclaim, knowledge of uk vat and eu vat rules is essential. While you can certainly get all the knowledge from your hm customs and excise website you can still utilize the services of an experienced customs duty and vat agent. Such an agent may help pay your customs and excise duties whilst preparing your vat returns within the stipulated time. An agent with offices abroad would be ideal as you could also go in for vat refunds in countries where you might have already paid vat.
Once you pay your duties and find a way to reclaim vat successfully, you will be able to achieve ideal costs for your services and products, thus enhancing the efficiency of your respective business. During times of competition avoiding double taxation would be a huge asset while paying your customs and excise duties dutifully will keep you on the right side of the law. Anyway, the money that you pay as import duties and vat is utilized by the excise and customs department for public services. With technology at your fingertips, you can now pay much of your taxes including vat online by registering your business at the hmrc website.
Customs and excise duties together with collection of vat forms an essential source of income to the government of the UK. If you have started an organization in Britain or have got a manufacturing plant that needs to import capital goods or spares from other countries including eu countries then you will need to read about hm customs and excise duties in order to quickly pay the appropriate amount of applicable duties for your imports.