Know your customs and excise duties before you begin importing goods

You might have started a business in an EU country that involves importing goods or even services to your country but if your know your customs and excise duties before you start importing goods then you can save a lot of money and hassle. It is extremely important that you be aware of exact duty rates including vat rates if you wish to extract the best profits out of your sales, and purchases.

Each country www.vatvalidation.com/vat has its own specific customs and excise rules, and countries that have adopted vat or value added tax have their own vat rules that should be followed with perfect precision. As an example in case your import organization is located in the UK then you will need to follow hm customs and excise rules while importing your goods while following hmrc vat rules for import as well as selling your goods and services in the local market.

You will first have to verify regarding which of the over 14,000 classifications pertain to your particular merchandise that you plan to import into the UK. While customs duties apply to virtually all imported products, excise duties in the united kingdom usually apply to most tobacco and alcohol products. Again, for instance if you intend to import a product to the UK from Sweden where local vat has already been paid then you could be eligible to reclaim that vat amount in Sweden. This may be possible if only you’re vat registered trader in the UK and supply enough documentary proof in Sweden to show that you have sold the item locally and have paid vat in UK for the same.

You’ll thus need to know all customs and excise vat rules and rates in greater detail before you start importing and selling any services or goods imported originating from a member EU state or other country. You need to hire the services of a trusted vat agent that is not only conversant with uk vat but also be well versed in eu vat as you will have to apply for vat refund in the country of origin while filing vat returns regularly in your own country. Additionally, there are certain custom duties and vat exemptions that can help you save on taxes but as long as you understand them.

When you get the company vat registration you will then be allotted a vat number and will also need to issue vat invoices whilst selling your goods and services. If you plan to export the items outside of your country then you’ll also need to be conversant with export laws of your own as well as the destination country. Since vat customs and excise rules and rates keep changing at regular intervals it is vital that you as well as your vat agent know the latest rules so that you do not get a rude shock when your goods reach your country‚Äôs dock or airport.

It is extremely crucial that you cover all aspects of one’s business including purchase, sales, and all sorts of related duties and taxes before you decide to actually implement your plans. This move includes scrutinizing all customs and excise duties relevant to your products so your final product costs tally exactly against your predictions as this is the only method you could start your business on firm ground.