Warning: Illegal string offset 'box_blank' in /home/myunixho/public_html/getaddspypro.com/wp-content/plugins/seo-smart-links-business/seo-smart-links-business.php on line 634

Pay import vat whenever you import goods from eu special territories


Warning: Illegal string offset 'box_blank' in /home/myunixho/public_html/getaddspypro.com/wp-content/plugins/seo-smart-links-business/seo-smart-links-business.php on line 634

If you’re importing goods into the UK from specific regions of the world then you’ll need to pay import vat when you import goods from eu special territories as well as from non eu countries. This tax is collected by the hmrc vat department or hm revenue and customs department on the port or airport itself and also the items are then subject to local sales vat rules.

The hmrc has provided for 14,000 classifications of products and services which are governed by customs duties, excise duties and import vat. Most alcohol and tobacco products along with certain activities like gambling are http://vatcheck.com/vat governed by excise duties while almost all other imports come under customs duties and import vat according to the goods and the country from which they arrive.

The hmrc has specified eu special territories where import vat is going to be levied if services or goods are brought in or sent to such territories. Those are the French Overseas Departments of Guadeloupe, The Canary Islands in Spain, The Aland Islands in Finland, French Guiana, Mount Athos and Reunion and Martinique in Greece, and also the Channel Islands in the United Kingdom. This vat may also be levied when you import goods from non eu countries.

However, if you are a vat registered trader in the United Kingdom then you can apply for a vat refund in case you have already paid vat on any goods in the nation of origin itself before being imported to the UK. You can also offset this vat against sales vat if the goods that you have imported are offered from our UK market. Countries such as the UK and Italy also offer special vat deferment schemes where you can get relief from import vat for up to one month by filing out a special vat form with the hmrc and opening of a special vat deferment account with them. This move would help safeguard your cash flow.

When you start selling your services or goods from your market then you will also have to charge any local sales vat rate to the clients. You will have to make vat invoices that specifically mention vat rates as well as file regular vat returns. If you have problem in understanding various duties and taxes imposed by the hmrc then you definately should hire the services of an excellent vat and customs agent. This may allow you to concentrate on expanding your business while all relevant paperwork and payment of taxes and duties is handled in an efficient manner.

The import vat rate is exactly like sales vat rates of comparable products available in the United Kingdom. The UK has 3 vat rate slabs. The first is the normal vat rate of 17.5% that is slated to rise to 20% from January 4, 2011. The second is the reduced vat rate of 5% while the third is zero vat rate. There’s also certain products or services that are totally exempt from any vat.

You ought to have sufficient knowledge on various duties and taxes applicable on imported goods into the UK to enable you to calculate the charges on an accurate basis. You should employ all legal avenues to reduce your costs like vat refunds, vat deferments, etc to enable you to lower your costs further and improve the cash flow of your business. You should diligently pay import vat when you import goods from eu special territories or from non eu countries and employ the expertise of an efficient vat agent to claim additional vat back.