Warning: Illegal string offset 'box_blank' in /home/webhotel/public_html/skriol.com/wp-content/plugins/seo-smart-links-business/seo-smart-links-business.php on line 634

Learning about vat customs rules may benefit your organization


Warning: Illegal string offset 'box_blank' in /home/webhotel/public_html/skriol.com/wp-content/plugins/seo-smart-links-business/seo-smart-links-business.php on line 634

Operating a business in the UK that requires importing goods can be stressful unless you know about vat customs rules imposed from the HM Revenue and Customs department. Learning about these rules can benefit your business as you’re able make sure that your purchase and sales deadlines are maintained as well as your cost is kept to the minimum.If you import taxable goods to the UK then you will be charged import vat or customs duties. These duties have to be paid on the value of vatcontrol.com/vat the goods and they are subject to vat rules that form part of the Vat Act of 1994. How much customs duty to be paid is known as the ?ad valorem duty? and then there are 6 methods that can be used to arrive at the amount of this duty. You will have to provide documentary proof to hmrc vat department as to why you have chosen a particular way of the valuation on the products which you have imported to the UK.

In case you have imported goods into the UK originating from a eu country that has also collected vat tax from you before the goods were dispatched to the UK then you’ve effectively paid double the amount tax on the very same goods. If you are a vat registered trader in the UK then you can apply for vat reclaim so as to get the earlier amount back to your account. You will need to mention your vat number and give your vat certificate to the country of origin when you file for a vat refund. Although refund process could take between four to eight months to materialize, your costs will certainly get lowered. You ought to employ the expertise of a capable vat agent that charges fees only on the amount of refunds that you get. This move will give you a reason for your vat agent while rewarding you with lots of successful vat refunds.

Once you’ve paid vat customs on the goods and begin selling the same under vat invoices then you’ll have to maintain detailed accounts of the level of vat paid and collected built in. You will have to mention these vat amounts in your vat returns that will need to be filed regularly in line with the vat scheme which you have chosen. You should remember that any genuine mistake on your part while importing goods into the UK ought to be rectified as quickly as possible as it could be construed as evasion of customs duties and would invoke strict action including penalties from the hmrc department. Your vat agent must have complete knowledge on customs and excise rules along with eu vat and uk vat rules to ensure that there aren’t any miscalculations while importing goods into the UK.

If you are a vat registered trader in the United Kingdom that must import goods to the UK then you’ll surely have to pay all applicable customs duties on the same. However, you can also reclaim vat amounts paid in the nation of origin on goods and also on services that were utilized in that country. A reliable vat agent will help you decipher vat customs rules and help you to get back all excess vat previously paid whilst helping smooth entry of imported goods to the UK.