Starting a trading or manufacturing business in Britain will proceed seamlessly only if you learn about hm customs and excise duties and make all of 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 following the merger of hm customs department together with the revenue department.
In case your business involves importing goods or services from member eu states that have embraced vat there are certain vat rules that should be followed www.vatvalidation.com not just in the country of origin but also in the UK. If you want to go for vat refund for vat already paid within the original country or if you wish to enjoy other advantages offered by vat then you will have to turn into a vat registered trader. In Britain this is achieved once you touch the vat threshold figure of £70,000 in taxable sales.
Once you import services or goods into the UK then you’ll also need to pay the appropriate customs duties according to the nature of the goods. If you intend to import alcohol or tobacco products then you will have to pay excise duty to the hm customs and excise department. You’ll find 14,000 classifications provided by the hmrc vat department and customs, excise, import vat and sales vat duties will depend on this classification.
In case you have already paid vat on goods or services in another country before importing it to 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 details. To be able to successfully obtain a vat reclaim, knowledge of uk vat and eu vat rules is essential. While you can certainly get all the knowledge from your hm customs and excise website you possibly can still use the services of an experienced customs duty and vat agent. Such an agent could help pay your customs and excise duties while also preparing your vat returns within the stipulated time. A broker with offices abroad will be ideal as you may also go for vat refunds in countries where you might have already paid vat.
Once you pay all your duties and manage to reclaim vat successfully, you’ll be able to achieve ideal costs for the products and services, thus enhancing the efficiency of your business. In times of competition avoiding double taxation will 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 that you pay as import duties and vat is utilized by the excise and customs department for public services. With technology at your fingertips, now you can pay much of your taxes including vat online by registering your enterprise at the hmrc website.
Customs and excise duties together with variety of vat forms an essential revenue stream to the government of the UK. If you have started an organization in the UK or have a manufacturing plant that has to import capital goods or spares from other countries including eu countries then you’ll need to read about hm customs and excise duties so as to quickly give the appropriate amount of applicable duties on your imports.