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 make all of your payments in time. Most duties and taxes in Britain 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.

In case your vat verification 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 just in the country of origin but also in Britain. If you want to go in for vat refund for vat already paid within the original country or if you want to enjoy all other advantages provided by vat then you’ll 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.

Once you import goods or services into the UK then you will also need to pay the appropriate customs duties depending on the nature of your goods. If you plan 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 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 goods or services in another country before importing it into the UK then after paying all your duties, you are able to still claim the vat paid in the other country by furnishing all the required details. In order to successfully obtain a vat reclaim, knowledge of uk vat and eu vat rules is a must. While you can easily get all the knowledge from your hm customs and excise website you possibly can still use the services of an experienced customs duty and vat agent. Such an agent may help pay your customs and excise duties while also preparing your vat returns within the stipulated time. A broker with offices in other countries will be ideal since you may also go for vat refunds in countries where you may have already paid vat.

As soon as you pay all your duties and manage to reclaim vat successfully, you will be able to achieve ideal costs for the services and products, thus increasing the efficiency of your respective 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 money which you pay as import duties and vat is utilized by the excise and customs department for public services. With technology at your fingertips, now you can pay much of your taxes including vat online by registering your business 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 the UK or have got a manufacturing plant that has to import capital goods or spares from other countries including eu countries then you’ll need to learn about hm customs and excise duties so as to quickly give the correct amount of applicable duties on your imports.