Decipher customs and excise vat duties to improve your earnings

If you are planning to import goods into any country including EU States you will want to stay abreast of customs & excise rules as part of your import business. You will certainly have to pay customs or excise duties, and others, on the

products which you import into your country, based on current rules.

If you are just a business traveler bringing in a few duty free products in your country then you definitely probably won’t need to pay any duties on those things. However, should you start up a business with intentions of importing goods in your country with the intention of selling them to your customers then you’ll need to pay customs and excise duties on most products, except those that have been exempted from such duties. For instance if you intend to begin importing goods into the UK then you will need to pay customs & excise duties together with collecting and payment of vat or value added tax too, provided you’ve crossed the threshold limit set by the hmrc vat department. Additionally, you will need to adhere to the rules set by the hm customs and excise vat department.

The UK’s customs and excise department has over 14,000 classifications that specify the exact level of customs duties applicable on each type of product. You should verify the classification that suits your products for precise cost calculation for your product. If your product that you plan to import comes from another EU country where vat has already been paid then you can certainly also apply for a vat refund once you import it in the UK and sell it through a vat invoice. In order to achieve this goal, you will need to get vat registered with the hmrc vat department, apply for a vat refund in the nation of origin of the product and after that wait for the designated time before a vat refund is awarded to your account.

In the event you plan to import cigarettes, cigars, or other cigarettes and tobacco products, or certain types of alcohol to the UK however ,, you’ll be required to pay excise duty on those products. Certain services and goods imported from EU States also attract import vat duty. You will have to do the hiring of a reliable vat agent to handle your vat returns and refunds, and get all necessary clarifications on all the latest changes in vat customs and excise rules.

If you are a vat registered dealer then you will need to collect vat from your clients when you issue a vat invoice. Different countries in the EU have different vat rules that should be followed. For instance if you wish to make application for a vat reclaim for products sourced from Poland then you will need to produce a faktura vat or vat invoice in Polish before you can do so. A local vat agent is normally the best ally when this occurs.

If you are planning to import services or goods into your country from other countries around the world or from other EU countries then you will certainly have to know all the information on customs, excise and vat duties on import and sale of your services or products. This will help avoid double taxation and stop you from running afoul on import regulations and rules put in place by your country. You must certainly stay abreast of customs & excise rules as part of your import business if you wish to save money legally while increasing your profits on sales at the same time.