Starting a trading or manufacturing business in Britain will proceed seamlessly only if you learn about hm customs and excise duties and work out all of your payments in 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 with the revenue department.
If 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 Britain. If you wish to go for vat refund for vat already paid in the original country or if you wish to enjoy other advantages offered by vat then you’ll have to turn into a vat registered trader. In Britain this can be achieved once you touch the vat threshold figure of £70,000 in taxable sales.
When you import goods or services into the UK then you will also have to pay for the appropriate customs duties according to the nature of the goods. If you intend to import alcohol or cigarettes and tobacco products then you will have 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 would depend on this classification.
If you have already paid vat on goods or services in another country before importing it to the UK then after paying all your duties, you can still claim the vat paid in the other country by furnishing all the required details. In order to successfully get a vat reclaim, understanding of uk vat and eu vat rules is a must. While you can certainly get all the required 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 whilst preparing your vat returns within the stipulated time. A broker with offices in other countries will be ideal as you may also go in for vat refunds in countries in which you may have already paid vat.
As soon as you pay your duties and manage to reclaim vat successfully, you’ll be able to accomplish ideal costs for the services and products, thus enhancing the efficiency of your business. During times of competition avoiding double taxation would be a huge asset while paying your customs and excise duties dutifully could keep yourself the right side of the law. Anyway, the amount of money which you pay as import duties and vat is utilized 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 enterprise at the hmrc website.
Customs and excise duties along with variety of vat forms an essential source of income to the government of the UK. In case you have started a business in the UK or have a manufacturing plant that needs to import capital goods or spares from other countries including eu countries then you will need to learn about hm customs and excise duties in order to quickly give the correct amount of applicable duties on your imports.