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Make sure you pay proper customs vat on imported goods


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If you intend to start a business in britain and wish to import goods into the country then you certainly should make sure you pay proper customs vat on imported goods so that your costs match your predictions. You possibly can surely ensure improved profits if your purchase and sale price are in tune with your calculations.

The hm revenue and customs department or hmrc vat department handles duties on imported services and goods into the UK, and also handles vat returns filed by vat registered traders in the country. As soon as your taxable sales cross 70,000 pounds in 12 months then you may need to get vat registration. Thus will allow you to obtain a vat number and generate a vat invoice for each sale made in the regional market. You will now need to file a vat return in the designated period and pay vat based on the current vat rate based on the sales.

However, before you begin selling your goods or services, you may want to import them to the UK. Your goods will most probably fall into on the list of 14,000 hm customs vat classifications and you’ll have to pay the suitable duties on those goods. In case you want to import tobacco or alcohol products then you will need to pay excise duties on the same. It really is thus extremely important to be sure of the correct classification of your goods so you find yourself making payment on the exact level of duties specified on it instead of paying more and increasing your costs or paying less and getting into trouble at a later date.

Once you have paid all the relevant import vat, or customs, or excise duties then you will also have to charge the right vat rates while selling those goods locally. Your merchandise might attract the standard vat rate of 17.5% or perhaps a lower rate of 5% or even be vat exempt depending on its classification. This rate will definitely vary in other EU countries and thus you should have up-to-date knowledge on uk vat and eu vat rates while importing or exporting your goods as well as selling them locally.

Since it may be quite challenging that you keep updating your knowledge on changes happening in customs and vat rates, make sure you appoint a capable customs and vat agent to handle all your import and sales duties. Your agent would take care of all paperwork related to customs duties, evaluate whether your products are classified correctly, calculate all vat figures plus file your vat returns in time. Your agent would likewise be able to help you in vat registration and provide other vat services if your business has just been established.

If you are planning to import goods to the UK or in another EU country a detailed knowledge on all vat rules, customs and excise duties, and procedures on vat returns is vital for healthy business growth. One mistake could result in earning the wrath of your customs and excise vat department and put a spanner on future vat refunds. While importing goods to your country you should certainly be sure you pay proper customs vat on imported goods in order to retain complete control over your costs.