Starting a trading or manufacturing business in Britain will proceed seamlessly only if you learn about hm customs and excise duties and make all your payments in time. Most duties and taxes in Britain 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.
In case your vatverification business involves importing goods or services from member eu states that have embraced vat then there are certain vat rules that need to be followed not only 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 wish to enjoy other advantages provided by vat then you will need to turn into a vat registered trader. In the UK this is achieved once you touch the vat threshold figure of £70,000 in taxable sales.
Once you import goods or services into the UK then you'll also need to pay for the appropriate customs duties depending on the nature of the goods. If you plan to import alcohol or cigarettes and tobacco products then you'll need to pay excise duty to the hm customs and excise department. You'll find 14,000 classifications furnished by the hmrc vat department and customs, excise, import vat and sales vat duties will depend on this classification.
If 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 get 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 possibly can still utilize 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 within the stipulated time. An agent with offices in other countries would be ideal as you could also go for vat refunds in countries in which you may have already paid vat.
Once you pay your duties and manage to reclaim vat successfully, you will be able to achieve ideal costs for the services and products, thus increasing the efficiency of your respective business. In times of competition avoiding double taxation would be a huge asset while paying your customs and excise duties dutifully will keep you on the right side of the law. Anyway, the 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 variety of vat forms an essential revenue stream to the government of the UK. If you have started an organization in Britain or have got a manufacturing facility that needs to import capital goods or spares from other countries including eu countries then you'll need to learn about hm customs and excise duties so as to quickly give the correct amount of applicable duties for your imports.