Starting a trading or manufacturing business in Britain will proceed seamlessly only when you learn about hm customs and excise duties and make all your payments in time http://vatvalidation.com/vat/. Most duties and taxes in the UK are managed by hm revenue and customs or hmrc, which was established in 2005 after the merger of hm customs department together with the revenue department.
If your business involves importing services or goods from member eu states that have embraced vat there are certain vat rules that need to be followed not just in the country of origin but also in Britain . If you want to go in for vat refund for vat already paid in the original country or if you wish to enjoy other advantages provided by vat then you will need to turn into a vat registered trader. In the UK this can be achieved once you touch the vat threshold figure of £70,000 in taxable sales.
When you import services or goods in the UK then you will also need to pay the appropriate customs duties according to the nature of your goods. If you intend to import alcohol or cigarettes and tobacco products then you will need to pay excise duty to the hm customs and excise department. You’ll find 14,000 classifications furnished 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 required details. In order to successfully obtain a vat reclaim, understanding of uk vat and eu vat rules is a must. While you can easily get all the knowledge from your hm customs and excise website you possibly can still use the services of experienced customs duty and vat agent. Such an agent may help pay your customs and excise duties while also preparing your vat returns in the stipulated time. A broker with offices in other countries will be ideal as you may also go for vat refunds in countries where you might have already paid vat.
As soon as you pay all your duties and manage to reclaim vat successfully, you will be able to accomplish ideal costs for the services and products, 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 used by the excise and customs department for public services. With technology close at hand, you can now pay most of your taxes including vat online by registering your business at the hmrc website.
Customs and excise duties together with variety of vat forms an essential source of income to the government of the UK. If you have started an organization in the UK or have got a manufacturing plant that needs 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 correct amount of applicable duties on your imports.