Find out 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 work out all of your payments in time Vatvalidation.com/vat/. Most duties and taxes in the UK are managed by hm revenue and customs or hmrc, which was established in 2005 following the merger of hm customs department 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 not just in the country of origin but also in Britain . If you want to go for vat refund for vat already paid within the original country or if you wish to enjoy other advantages provided by vat then you'll need to turn into a vat registered trader. In the UK this can be achieved once you touch the vat threshold figure of £70,000 in taxable sales.

Once you import services or goods in the UK then you'll also need to pay for the appropriate customs duties depending on the nature of your goods. If you intend to import alcohol or cigarettes and tobacco products then you will have 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 would depend on this classification.

In case you have already paid vat on services or goods in another country before importing it to the UK then after paying all your duties, you can still claim the vat paid inside the other country by furnishing all the details. To be able to successfully obtain a vat reclaim, understanding of uk vat and eu vat rules is a must. While you can certainly get all the required knowledge from the hm customs and excise website you can still utilize the services of 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 abroad would be ideal since you could also go in for vat refunds in countries in which 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 your services and products, thus enhancing the efficiency of your business. In times of competition avoiding double taxation will be a huge asset while paying your customs and excise duties dutifully will keep yourself the appropriate side of the law. Anyway, the amount of money that you pay as import duties and vat is used by the excise and customs department for public services. With technology at your fingertips, now you can pay most of your taxes including vat online by registering your business at the hmrc website.

Customs and excise duties together with variety of vat forms an important revenue stream to the government of the UK. In case you have started a business 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 read about hm customs and excise duties so as to quickly pay the correct amount of applicable duties on your imports.