Know your customs and excise duties before you start importing goods

You may have started a small business in an EU country which involves importing goods and even services into your country yet, if you know your customs and excise duties before you begin importing goods then you can save a lot of money and hassle. It is extremely essential that you be aware of exact duty rates including vat rates if you want to extract the best profits from your sales, and purchases.

Each country possesses its own specific customs and excise rules, and countries that have adopted vat or value added tax have their own vat rules that need to be followed with perfect precision. For example if your import organization is located in the UK then you’ll need to follow hm customs and excise rules while importing your goods while following hmrc vat rules for import as well as for selling your goods and services in the local market.

You may first need to verify regarding which of the over 14,000 classifications apply to your specific merchandise that you plan to import to the UK. While customs duties apply to almost all imported products, excise duties in the UK usually apply to most tobacco and alcohol products. Again, for example if you intend to import a product vatnumbersearch to the UK from Sweden where local vat is already paid then you may be eligible to reclaim that vat amount in Sweden. This may be possible if only you are a vat registered trader in the united kingdom and supply enough documentary proof in Sweden to demonstrate that you’ve sold the product locally and have paid vat in UK for the very same.

You’ll thus need to know all customs and excise vat rules and rates in greater detail before starting importing and selling any services or goods imported from a member EU state or any other country. You need to hire the services of a trusted vat agent which is not only conversant with uk vat but also be amply trained in eu vat as you will need to make an application for vat refund in the country of origin while filing vat returns regularly in your own country. There are also certain custom duties and vat exemptions that will help you save on taxes but as long as you understand them.

Once you get the company vat registration you will then be allotted a vat number and will need to issue vat invoices whilst selling your goods and services. If you plan to export those items outside of your country then you’ll also need to be conversant with export laws of your plus the destination country. Since vat customs and excise rules and rates keep changing at regular intervals it is vital you as well as your vat agent understand the latest rules so that you will avoid getting a rude shock when your goods reach your country‚Äôs dock or airport.

It is rather vital that you cover all aspects of one’s business including purchase, sales, and all sorts of related duties and taxes before you actually implement your plans. This move includes scrutinizing all customs and excise duties relevant to your products so your final product costs tally exactly against your predictions as this is the only way you can start your enterprise on firm ground.