Decipher customs and excise vat duties to improve your earnings

If you are planning to import goods into any country including EU States you will want to keep up to date with customs & excise rules in your import business. You will certainly have to pay customs or excise duties, among others, for the

products which you import in your country, based on current rules.

If you are just a business traveler bringing in a few duty free products into your country then you definitely probably won’t need to pay any duties on those items. However, should you start up a business with intentions of importing goods into your country with the intention of selling these to your clients then you’ll need to pay customs and excise duties on many products, except those that have been exempted from such duties. For example if you intend to begin importing goods in the UK then you’ll need to pay customs & excise duties along with collecting and payment of vat or value added tax too, provided you’ve crossed the threshold limit set by the hmrc vat department. Additionally, you will have to adhere to the guidelines set by the hm customs and excise vat department.

The UK’s customs and excise department has over 14,000 classifications that specify the exact level of customs duties applicable on every type of product. You need to verify the classification that suits your product for precise cost calculation on your product. If your product that you intend to import is from another EU country where vat has already been paid then you can also obtain a vat refund once you import it in the united kingdom and then sell it through a vat invoice. To have this goal, you have got to get vat registered using the hmrc vat department, file for a vat refund in the nation of origin of the product and after that wait for a designated time before a vat refund is awarded to your account.

In case you want to import cigarettes, cigars, or other cigarettes and tobacco products, or certain types of alcohol into the UK then again, you will be required to pay excise duty on those products. Certain goods and services imported from EU States also attract import vat duty. You will need to do the hiring of a reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all of the latest changes in vat customs and excise rules.

If you are a vat registered dealer you will need to collect vat from your clients when you issue a vat invoice. Different countries in the EU have different vat rules that should be followed. For instance if you need to make application for a vat reclaim for products sourced from Poland then you will really need to produce a faktura vat or vat invoice in Polish before you can do so. Any local vat agent is normally the best ally in such a case.

If you are planning to import services or goods in your country from other countries around the world or from other EU countries then you’ll certainly need to know all the details on customs, excise and vat duties on import and sale of your services or products. This will help avoid double taxation and stop you from running afoul on import regulations and rules put in place by the country. You should certainly stay up to date with customs & excise rules as part of your import business if you wish to save money legally while boosting your profits on sales at the same time.