Find out about hm customs and excise duties

Starting a trading or manufacturing business in the UK will proceed seamlessly only when you learn about hm customs and excise duties and make all your payments on time. Most duties and taxes in the UK 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.

If your vatverification business involves importing goods or services from member eu states that have embraced vat then there are certain vat rules that should be followed not only in the nation of origin but also in the UK. If you wish to go for vat refund for vat already paid within the original country or if you want to enjoy all other advantages offered by vat then you’ll 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 services or goods into the UK then you’ll also have to pay for the appropriate customs duties depending on the nature of the goods. If you plan to import alcohol or cigarettes and tobacco products then you will need 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.

In case 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 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. While you can certainly get all the knowledge from the hm customs and excise website you can still utilize the services of experienced customs duty and vat agent. This type of agent may help pay your customs and excise duties whilst preparing your vat returns within the stipulated time. A broker with offices abroad will be ideal since you could also go in for vat refunds in countries where you might have already paid vat.

As soon as you pay your duties and find a way to reclaim vat successfully, you will be able to achieve ideal costs for your products and services, thus increasing 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 could keep yourself the right side of the law. Anyway, the amount of money that you pay as import duties and vat is used by the excise and customs department for public services. With technology close at hand, now you can 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. In case you have started a business 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 learn about hm customs and excise duties so as to quickly pay the appropriate amount of applicable duties on your imports.