Decipher customs and excise vat duties to enhance your income
If you are planning to import goods into any country including EU States then you need to keep abreast of customs & excise rules as part of your import business. You will certainly have to pay customs or excise duties, among others, for the
products which you import in your country, based on current rules.
In case you are merely a business traveler bringing in a few duty free products into your country then you definitely might not need to pay any duties on those items. However, should you start a business with plans on importing goods in your country with the aim of selling these to your clients then you will need to pay customs and excise duties on most products, except people that have been exempted from such duties. For example if you plan to start importing goods in the UK then you’ll need to pay customs & excise duties along with collecting and payment of vat or value added tax too, provided you’ve crossed the threshold limit set by the hmrc vat department. You will also need to adhere to the guidelines set by the hm customs and excise vat department.
The UK’s customs and excise department has over 14,000 classifications that specify the exact amount of customs duties applicable on each type of product. You need to verify the classification that fits your products for precise cost calculation on your product. If the product that you plan to import is from another EU country where vat has already been paid then you can also obtain a vat refund when you import it in the united kingdom and sell it through a vat invoice. In order to achieve this goal, you will need to get vat registered using the hmrc vat department, file for a vat refund in the nation of origin of the product and after that wait for a designated time before a vat refund is awarded to your account.
In case you want to import cigarettes, cigars, or any other cigarettes and tobacco products, or certain types of alcohol into the UK then again, you will be needed to pay excise duty on those products. Certain services and goods imported from EU States also attract import vat duty. You will have to hire the services of a reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all the latest changes in vat customs and excise rules.
If you’re a vat registered dealer you will have to collect vat from your clients whenever you issue a vat invoice. Different countries within the EU have different vat rules that should be followed. For instance if you wish to make application for a vat reclaim for products sourced from Poland then you’ll really need to produce a faktura vat or vat invoice in Polish before you do so. Any local vat agent is normally the best ally in such a case.
If you are planning to import goods or services into your country from other countries worldwide or from other EU countries then you will certainly need to know all the information on customs, excise and vat duties on import and sale of the services or products. This will help avoid double taxation and stop you from running afoul on import regulations and rules put in place by the country. You must certainly stay abreast of customs & excise rules in your import business if you wish to save money legally while boosting your profits on sales at the same time.
