Learn 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 work out all your payments on time. Most duties and taxes in the UK are managed by hm revenue and customs or hmrc, which was established in 2005 following the merger of hm customs department with the revenue department.

If your business involves importing goods or services from member eu states which have embraced vat then there are certain vat rules that need to be followed vatvalidation not just in the nation of origin but also in Britain. If you wish to go for vat refund for vat already paid in the original country or if you wish to enjoy other advantages offered by vat then you’ll have to turn into a vat registered trader. In the UK this is achieved once you touch the vat threshold figure of £70,000 in taxable sales.

When you import goods or services in the UK then you will also have to pay the appropriate customs duties according to the nature of the goods. If you intend to import alcohol or cigarettes and tobacco products then you’ll 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.

If you have already paid vat on goods or services in another country before importing it to the UK then after paying all your duties, you are able to still claim the vat paid inside the other country by furnishing all the required details. To be able to successfully get a vat reclaim, knowledge of uk vat and eu vat rules is essential. Whilst you can certainly get all the required knowledge from the hm customs and excise website you can still utilize the services of experienced customs duty and vat agent. Such an agent could help pay your customs and excise duties while also preparing your vat returns in the stipulated time. An agent with offices in other countries would be ideal as you may 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 accomplish ideal costs for the products and services, 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 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 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 along with collection of vat forms an essential revenue stream to the government of the UK. In case you have started an organization in Britain or have a manufacturing facility that has 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 appropriate amount of applicable duties on your imports.