Learn about hm customs and excise duties

Starting a trading or manufacturing business in the UK 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 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 which have embraced vat there are certain vat rules that need to be followed http://vatvalidation.com not just in the country of origin but also in the UK. If you wish to go for vat refund for vat already paid within the original country or if you want to enjoy other advantages provided by vat then you'll have to turn into a vat registered trader. In Britain this can be achieved when you touch the vat threshold figure of £70,000 in taxable sales.

Once you import services or goods into the UK then you'll also have to pay 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 have to pay excise duty to the hm customs and excise department. There are 14,000 classifications provided 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 to 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. In order to successfully obtain a vat reclaim, understanding of uk vat and eu vat rules is a must. While you can easily get all the knowledge from your hm customs and excise website you possibly can still use the services of an experienced customs duty and vat agent. This type of agent could 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 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 achieve ideal costs for the 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 yourself the right side of the law. Anyway, the money which you pay as import duties and vat is utilized by the excise and customs department for public services. With technology close at hand, now you can pay much of your taxes including vat online by registering your business at the hmrc website.

Customs and excise duties together with variety of vat forms an important source of income to the government of the UK. In case you have started a business in the UK 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 for your imports.