Find out about hm customs and excise duties

Starting a trading or manufacturing business in Britain will proceed seamlessly only when you understand hm customs and excise duties and work out all your payments in time Http:// Most duties and taxes in the UK are managed by hm revenue and customs or hmrc, which was 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 that have embraced vat then there are certain vat rules that need to be followed not only in the nation of origin but also in the UK . If you want to go in for vat refund for vat already paid within 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 is achieved when you touch the vat threshold figure of £70,000 in taxable sales.

When you import goods or services into the UK then you’ll also need 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 will need 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.

In case you have already paid vat on goods or services in a foreign country before importing it into 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. To be able to successfully get a vat reclaim, understanding of uk vat and eu vat rules is a must. While you can easily get all the required knowledge from the hm customs and excise website you possibly can still use the services of experienced customs duty and vat agent. This type of agent could help pay your customs and excise duties whilst preparing your vat returns in the stipulated time. An agent with offices abroad would be ideal since you may also go for vat refunds in countries in which you might have already paid vat.

As soon as you pay your duties and find a way to reclaim vat successfully, you’ll be able to achieve ideal costs for your products and services, thus increasing the efficiency of your business. In times of competition avoiding double taxation would be a huge asset while paying your customs and excise duties dutifully will keep yourself the appropriate side of the law. Anyway, the 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 much of your taxes including vat online by registering your enterprise at the hmrc website.

Customs and excise duties together with variety of vat forms an important source of income to the government of the UK. If you have started a business in the UK or have a manufacturing plant that has to import capital goods or spares from other countries including eu countries then you will need to read about hm customs and excise duties in order to quickly give the appropriate amount of applicable duties for your imports.