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Find out about hm customs and excise duties


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Starting a trading or manufacturing business in Britain will proceed seamlessly only if you understand hm customs and excise duties and make all your payments in time. Most duties and taxes in the UK are managed by hm revenue and customs or hmrc, which was established in 2005 after the merger of hm customs department together with the revenue department.

If your http://vatverification.com business involves importing goods or services 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 wish to go for vat refund for vat already paid within the original country or if you want to enjoy other advantages offered by vat then you will have to turn into a vat registered trader. In the UK this is 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 need to pay for the appropriate customs duties depending on the nature of the 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 furnished 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 into 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 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 your hm customs and excise website you 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 while also preparing your vat returns within the stipulated time. A broker with offices abroad will be ideal as 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 accomplish ideal costs for your products and services, thus enhancing the efficiency of your 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 right side of the law. Anyway, the amount of money which you pay as import duties and vat is used by the excise and customs department for public services. With technology at your fingertips, you can now pay most of your taxes including vat online by registering your enterprise 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 an organization in Britain 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 read about hm customs and excise duties in order to quickly pay the appropriate amount of applicable duties on your imports.