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Decipher customs and excise vat duties to enhance your income


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Your profit margins could be severely impacted if you don’t factor in important levies that contribute to the cost of your product or service which makes it crucial for that you decipher customs and excise vat duties to improve your revenue. If you want to begin a trading or manufacturing business in any EU State then it’s imperative that you understand the significance of various duties when you import and sell your goods.

If you want to start importing services and goods into your country then you will need to pay customs duties, excise duties, or import vat on those products or services dependant upon the classification to which they fall. If your business is based in the UK and you also intend to import goods from other EU States like Poland, Sweden, Germany, etc then a thorough understanding of uk vat is important when you start selling your goods in the local market. If your services or goods have already incurred eu vat in their home countries before you import it to the UK then you can certainly apply for vat reclaim in those countries so as to lower your product costs and prevent double taxation.

In the UK, it’s the hm customs and excise department that handles all matters related to customs and excise vat on products and services imported and sold inside the country. Most commercial products fall within one of the 14,000 classifications specified by the customs division while many tobacco and alcohol products will attract excise duties. Many products also attract import vat while being imported to the UK. Most products also attract sales vat or value added tax when they’re sold locally and it’s also the hm revenue and customs department that will be tracking the sales. As soon as your sales go over the vat threshold limit of more than �70,000 in the past 1 year then you may need to get vat registered.

Vat registration won’t just allow you to charge vat to your clients as part of your vat invoice but also permit you to claim a vat refund if you have already paid vat in the country of origin before importing it to the UK. A skilled customs, excise and vat agent or consultant should be employed to ensure that all of your imports and vat returns are handled efficiently. There are several products that attract lower import duties and vat rates, while some will also be vat exempt. You can surely reduce your product costs by slotting them in the correct category in addition to claiming vat refunds well before the time limit.

Failure to cover the significance of customs and excise vat duties could prove to be fatal to your business. You won’t just end up having higher product costs but in case you end up causing losses to the vat customs and excise department then you may be booked for fraudulently importing or selling services or goods in the UK or even in the country of origin. You could also miss out on a real vat refund if you aren’t conversant with the latest vat rules.

When running a business, it is important to allow professionals to guide you, especially when the job involves lowering your costs legally and dealing with important gov departments. It is very important that you just connect with the efficient customs and excise vat consultant or agency which provides all import and vat services under one roof in order to improve your business bottom line.