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Learn about hm customs and excise duties


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Starting a trading or manufacturing business in the UK will proceed seamlessly only if you understand hm customs and excise duties and work out all 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 following the merger of hm customs department with the revenue department.

In case your business involves importing services or goods from member eu states which have embraced vat then there are certain vat rules that need to be followed vatvalidation not just in the nation of origin but also in the UK. If you want to go for vat refund for vat already paid within the original country or if you want to enjoy all other advantages offered by vat then you’ll need to turn into a vat registered trader. In the UK this can be achieved when 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 have to pay the appropriate customs duties according to the nature of your goods. If you intend 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 goods or services in another country before importing it into 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 required details. To be able to successfully obtain 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 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 will be ideal as you could also go for vat refunds in countries where you may have already paid vat.

As soon as you pay your duties and find a way to reclaim vat successfully, you’ll be able to achieve ideal costs for your services and products, thus enhancing the efficiency of your respective business. During times of competition avoiding double taxation will be a huge asset while paying your customs and excise duties dutifully could 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 close at hand, you can now pay most of your taxes including vat online by registering your enterprise at the hmrc website.

Customs and excise duties along 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 facility that has to import capital goods or spares from other countries including eu countries then you will need to learn about hm customs and excise duties so as to quickly give the appropriate amount of applicable duties for your imports.