If you have started a brand new manufacturing or trading business in the UK that also involves importing goods and services then you'll need to pay your taxes on time to hm customs. There are various types of taxes collected by this department on your goods, services, and earnings, and also the vatnumbers money collected is spent on providing public services to folks of the country.
The hm revenue & customs was formed in 2005 in the UK with the merger of Inland Revenue and hm customs and excise department. This vital department collects indirect and direct taxes while managing child benefits along with border and frontier protection services, among other services. The hmrc also collects vat or value added tax from traders in the nited kingdom.
If you intend to start a small business in the UK that involves import of products from other eu countries that have also adopted vat then you will have to pay customs duties, excise duties or import vat for your imported goods, in line with the classification of these goods by the hmrc department. Once the goods are sold, then you'll also need to collect vat built in provided you're a vat registered dealer. As soon as you cross over the vat threshold limit set by the hm customs department you will subsequently be issued a vat number and will need to sell your goods or services through a vat invoice.
The hm revenue and customs department has gone high tech, and offers a wide range of vat online services in addition to services regarding customs and excise duties, vat refunds, etc. However, you ought to certainly try to garner sufficient knowledge on uk vat and even eu vat if you want to reclaim vat that may have been paid in other eu countries before being imported to the UK. This department also guides citizens on how to start their own business along with fulfilling vat requirements as well as provides vat rules that need to be followed for successful vat implementation.
In the event you have trouble in figuring out what is vat or don't have time to administer your vat payments and collections then you can definitely appoint a tax agent or adviser to take care of your entire vat requirements. Including filing vat returns and obtaining vat reclaim in the UK or any other European country where vat may have been paid.
This will help lessen your paperwork burden along with your financial burden as you will have the ability to prevent the problem of double taxation on the goods or services. If you'd like detailed information on all services offered by hmrc then you can certainly also visit their website and read about each service in great detail. In addition you can also download various vat forms in addition to several other types of forms which will save considerable time and effort.
Your business in the UK will be successful only if you understand and comply with all types of taxes that should be paid while importing and selling goods or services. It's the job of the hmrc to monitor your business and collect vital taxes from you. On your part, it's your job to actually pay your taxes on time to hm customs in order to remain on the correct side of the law.