Find out about hm customs and excise duties

Starting a trading or manufacturing business in Britain will proceed seamlessly only if 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 vat verification business involves importing goods or services from member eu states that have embraced vat there are certain vat rules that need to be followed 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 want to enjoy all other advantages provided 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 services or goods 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 cigarettes and tobacco products then you will have 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 will 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. In order to successfully get a vat reclaim, understanding of uk vat and eu vat rules is a must. Whilst you can certainly 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. This type of agent could help pay your customs and excise duties while also preparing your vat returns in the stipulated time. An agent with offices in other countries would be ideal since you could also go in for vat refunds in countries where you might have already paid vat.

As soon as you pay all your duties and manage to reclaim vat successfully, you’ll 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 could keep yourself 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 business at the hmrc website.

Customs and excise duties together with collection of vat forms an important source of income to the government of the UK. In case you have started a business in the UK or have got a manufacturing plant that needs 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 pay the appropriate amount of applicable duties on your imports.