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 in 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 vatverification business involves importing services or goods from member eu states that have embraced vat there are certain vat rules that should be followed not only in the nation of origin but also in the UK. If you wish to go for vat refund for vat already paid within the original country or if you wish to enjoy other advantages offered by vat then you will have 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’ll also have to pay for the appropriate customs duties depending on the nature of your goods. If you plan to import alcohol or 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.

If you have already paid vat on goods or services in a foreign country before importing it into the UK then after paying all of your duties, you are able to still claim the vat paid in the other country by furnishing all the details. To be able to successfully get 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 whilst preparing your vat returns in 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.

Once you pay all your duties and manage to reclaim vat successfully, you’ll be able to achieve ideal costs for the services and products, thus increasing 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 could keep yourself the right 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 close at hand, you can now pay much 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 essential revenue stream to the government of the UK. If you have started a business in the UK 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 so as to quickly give the correct amount of applicable duties on your imports.