Starting a trading or manufacturing business in the UK will proceed seamlessly only when 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 has been established in 2005 following the merger of hm customs department with the revenue department.
If your vatverification.com business involves importing goods or services from member eu states which have embraced vat then there are certain vat rules that need to be followed not only in the country of origin but also in Britain. If you want to go in for vat refund for vat already paid within the original country or if you wish to enjoy all other advantages offered by vat then you’ll have 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.
Once you import goods or services in the UK then you will also need to pay the appropriate customs duties depending on the nature of your 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 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 in the other country by furnishing all the details. To be able to successfully get a vat reclaim, understanding of uk vat and eu vat rules is essential. While you can certainly get all the knowledge from the hm customs and excise website you can still use the services of experienced customs duty and vat agent. This type of agent may help pay your customs and excise duties whilst preparing your vat returns in the stipulated time. An agent with offices in other countries will be ideal since you could also go in for vat refunds in countries where you might have already paid vat.
As soon as you pay all your duties and find a way to reclaim vat successfully, you will be able to achieve ideal costs for your products and services, thus increasing 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 you on 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 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 together with variety of vat forms an important revenue stream to the government of the UK. If you have started an organization in Britain or have a manufacturing plant that needs to import capital goods or spares from other countries including eu countries then you will need to read about hm customs and excise duties in order to quickly pay the appropriate amount of applicable duties on your imports.