Starting a trading or manufacturing business in Britain will proceed seamlessly only when you learn about hm customs and excise duties and work out all of 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 has been established in 2005 after the merger of hm customs department with the revenue department.
In case your business involves importing services or goods from member eu states which have embraced vat then there are certain vat rules that need to be followed not just in the country of origin but also in Britain . If you wish to go in for vat refund for vat already paid in the original country or if you want to enjoy all 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’ll also have to pay the appropriate customs duties depending on the nature of the goods. If you intend to import alcohol or cigarettes and tobacco products then you’ll 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 will depend on this classification.
If you have already paid vat on goods or services in a foreign country before importing it into the UK then after paying all of your duties, you can still claim the vat paid in the other country by furnishing all the details. To be able to successfully obtain a vat reclaim, understanding of uk vat and eu vat rules is essential. While you can certainly get all the required knowledge from the hm customs and excise website you 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 in the stipulated time. An agent with offices in other countries would be ideal since you may also go in for vat refunds in countries where you might have already paid vat.
As soon as you pay all your duties and find a way to reclaim vat successfully, you’ll be able to accomplish ideal costs for the products and services, thus increasing the efficiency of your respective business. During times of competition avoiding double taxation will 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 that you pay as import duties and vat is utilized by the excise and customs department for public services. With technology close at hand, now you can pay most of your taxes including vat online by registering your enterprise at the hmrc website.
Customs and excise duties along with collection of vat forms an essential revenue stream to the government of the UK. In case you have started a business in Britain or have a manufacturing facility 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 appropriate amount of applicable duties for your imports.