Learn about hm customs and excise duties

Starting a trading or manufacturing business in Britain will proceed seamlessly only when you learn about hm customs and excise duties and make all of your payments on time vatvalidation-com/vat/. Most duties and taxes in Britain are managed by hm revenue and customs or hmrc, which has been established in 2005 after the merger of hm customs department together with the revenue department.

In case your business involves importing goods or services from member eu states that have embraced vat then there are certain vat rules that need to be followed 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 all other advantages provided by vat then you’ll have 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 services or goods into the UK then you will also have 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 need to pay excise duty to the hm customs and excise department. There are 14,000 classifications provided 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 services or goods in a foreign country before importing it into the UK then after paying all of your duties, you can still claim the vat paid in the other country by furnishing all the required details. To be able to successfully get a vat reclaim, understanding of uk vat and eu vat rules is essential. Whilst you can easily get all the knowledge from your hm customs and excise website you possibly can still use the services of 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 in which 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 the products and services, thus enhancing the efficiency of your respective business. During times of competition avoiding double taxation will be a huge asset while paying your customs and excise duties dutifully will keep yourself the appropriate 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 business at the hmrc website.

Customs and excise duties along with collection of vat forms an important revenue stream to the government of the UK. In case you have started an organization in the UK or have got a manufacturing facility 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 so as to quickly pay the correct amount of applicable duties on your imports.