Learn 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 work out all your payments on time. Most duties and taxes in Britain are managed by hm revenue and customs or hmrc, which was established in 2005 following the merger of hm customs department together with the revenue department.

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

Once you import goods or services into the UK then you will also have to pay for the appropriate customs duties according to the nature of your goods. If you plan to import alcohol or cigarettes and tobacco products then you'll need to pay excise duty to the hm customs and excise department. There are 14,000 classifications provided by the hmrc vat department and customs, excise, import vat and sales vat duties will 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 of your duties, you are able to still claim the vat paid inside the other country by furnishing all the details. To be able to successfully get 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 within the stipulated time. An agent with offices abroad would be ideal as 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 will be able to accomplish ideal costs for your products and services, thus enhancing the efficiency of your respective business. In 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 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 collection of vat forms an important revenue stream to the government of the UK. In case you have started an organization in the UK or have got a manufacturing facility 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 on your imports.