Learn about hm customs and excise duties

Starting a trading or manufacturing business in the UK will proceed seamlessly only when you understand 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 with the revenue department.

If your www.vatverification.com business involves importing services or goods from member eu states that have embraced vat then there are certain vat rules that should be followed not only in the country of origin but also in the UK. If you want to go for vat refund for vat already paid in the original country or if you want to enjoy other advantages offered by vat then you will need to turn into a vat registered trader. In Britain this is achieved once you touch the vat threshold figure of £70,000 in taxable sales.

Once you import services or goods into 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 tobacco products then you’ll need to pay excise duty to the hm customs and excise department. There are 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 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 obtain a vat reclaim, knowledge 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 utilize the services of an experienced customs duty and vat agent. This type of agent may help pay your customs and excise duties while also preparing your vat returns in the stipulated time. An agent with offices in other countries will be ideal as you could also go in 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’ll be able to accomplish ideal costs for the services and products, 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 could 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 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’ll need to read about hm customs and excise duties in order to quickly give the appropriate amount of applicable duties for your imports.