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Learn about hm customs and excise duties


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Starting a trading or manufacturing business in Britain will proceed seamlessly only when you learn about hm customs and excise duties and make all your payments in time vatvalidation-com/vat/. 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.

In case your business involves importing services or goods from member eu states that have embraced vat there are certain vat rules that need to be followed not just in the country of origin but also in the UK . If you wish to go in for vat refund for vat already paid in 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 once you touch the vat threshold figure of £70,000 in taxable sales.

When you import goods or services in the UK then you’ll also need 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 goods or services in a foreign country before importing it to the UK then after paying all your duties, you can still claim the vat paid in 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 a must. Whilst you can certainly get all the knowledge from your hm customs and excise website you can still utilize the services of experienced customs duty and vat agent. Such an agent may help pay your customs and excise duties while also preparing your vat returns within the stipulated time. An agent with offices in other countries would be ideal since you may also go in for vat refunds in countries in which you might have already paid vat.

As soon as you pay your duties and manage to reclaim vat successfully, you will be able to accomplish ideal costs for your services and products, thus enhancing the efficiency of your business. In times of competition avoiding double taxation would be a huge asset while paying your customs and excise duties dutifully could keep you on the right side of the law. Anyway, the money that 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 business at the hmrc website.

Customs and excise duties along with variety of vat forms an essential source of income to the government of the UK. If you have started a business in Britain or have a manufacturing facility that has to import capital goods or spares from other countries including eu countries then you will need to read about hm customs and excise duties so as to quickly pay the correct amount of applicable duties on your imports.