Find out about hm customs and excise duties

Starting a trading or manufacturing business in Britain will proceed seamlessly only when you learn about hm customs and excise duties and make all of your payments on time. 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 together with the revenue department.

If your business involves importing services or goods from member eu states that have embraced vat then there are certain vat rules that should be followed www.vatvalidation.com not only in the nation of origin but also in the UK. If you wish to go 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 have to turn into a vat registered trader. In Britain this can be achieved when you touch the vat threshold figure of £70,000 in taxable sales.

Once you import goods or services in the UK then you will also have to pay for the appropriate customs duties depending on the nature of your goods. If you intend to import alcohol or tobacco products then you will need to pay excise duty to the hm customs and excise department. You’ll find 14,000 classifications provided by the hmrc vat department and customs, excise, import vat and sales vat duties would depend on this classification.

In case you have already paid vat on services or goods in a foreign 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 details. To be able to successfully get a vat reclaim, knowledge of uk vat and eu vat rules is a must. While you can easily get all the knowledge from the hm customs and excise website you can still utilize 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. A broker with offices abroad will be ideal as you may also go for vat refunds in countries where you may have already paid vat.

As soon as you pay your duties and manage to reclaim vat successfully, you will be able to achieve ideal costs for the services and products, thus increasing 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 will keep you on 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, you can now pay much 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 revenue stream to the government of the UK. If you have started an organization in the UK or have a manufacturing plant that needs to import capital goods or spares from other countries including eu countries then you’ll need to learn about hm customs and excise duties in order to quickly pay the appropriate amount of applicable duties for your imports.