If you are planning to import goods into any country including EU States you will want to stay abreast of customs & excise rules in your import business. You will certainly have to pay customs or excise duties, and others, on the
products which you import in your country, based on current rules.
If you are just a business traveler bringing in a couple of duty free products in your country then you might not need to pay any duties on those things. However, should you start up a business with intentions of importing goods into your country with the aim of selling them to your customers then you will have to pay customs and excise duties on many products, except those that have been exempted from such duties. For example if you intend to begin importing goods in the UK then you’ll have to pay customs & excise duties along with collecting and payment of vat or value added tax too, provided you’ve crossed the threshold limit set by the hmrc vat department. Additionally, you will have to abide by the rules set by the hm customs and excise vat department.
The UK’s customs and excise department has over 14,000 classifications that specify the exact amount of customs duties applicable on every type of product. You need to verify the classification that suits your product for precise cost calculation on your product. If the product that you intend to import comes from another EU country where vat was already paid then you can certainly also obtain a vat refund once you import it in the UK and then sell it by using a vat invoice. In order to achieve this goal, you have got to get vat registered with the hmrc vat department, apply for a vat refund in the country of origin of the product and after that wait for the designated time before a vat refund is awarded to you.
In the event you want to import cigarettes, cigars, or other cigarettes and tobacco products, or some types of alcohol to the UK however ,, you’ll be needed to pay excise duty on those products. Certain services and goods imported from EU States also attract import vat duty. You will have to hire the services of an reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all of the latest modifications in vat customs and excise rules.
If you’re a vat registered dealer you will have to collect vat from your clients when you issue a vat invoice. Different countries in the EU have different vat rules that should be followed. For instance if you wish to make application for a vat reclaim for products sourced from Poland then you will really need to deliver a faktura vat or vat invoice in Polish before you can do so. A local vat agent is normally the best ally when this occurs.
If you plan to import services or goods in your country from other countries worldwide or from other EU countries then you’ll certainly need to know all the required information on customs, excise and vat duties on import and sale of your services or products. This will assist avoid double taxation and prevent you from running afoul on import regulations and rules put in place by the country. You should certainly stay up to date with customs & excise rules in your import business if you wish to save money legally while increasing your profits on sales all at once.