Decipher customs and excise vat duties to improve your income

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

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

In case you are just a business traveler bringing in a few duty free products in your country then you definitely might not have to pay any duties on those things. However, if you start up a business with plans on importing goods into your country with the intention of selling these to your clients then you’ll have to pay customs and excise duties on most products, except those that have been exempted from such duties. For instance if you intend to begin importing goods in the UK then you will have to pay customs & excise duties together with collecting and payment of vat or value added tax too, provided you have crossed the threshold limit set by the hmrc vat department. Additionally, you will need to abide by the rules set by the hm customs and excise vat department.

The UK’s customs and excise department has over 14,000 classifications that specify the precise amount of customs duties applicable on each type of product. You need to verify the classification that suits your products for precise cost calculation on your product. If your merchandise that you intend to import is from another EU country where vat was already paid then you can also apply for a vat refund once you import it in the UK and sell it through a vat invoice. In order to achieve this goal, you have got to get vat registered with 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 the event you want to import cigarettes, cigars, or other tobacco products, or some types of alcohol to the UK however ,, you will be needed to pay excise duty on those products. Certain goods and services imported from EU States also attract import vat duty. You will have to hire the services of an reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all the latest changes in vat customs and excise rules.

If you are a vat registered dealer then you will need to collect vat from the clients when you issue a vat invoice. Different countries within the EU have different vat rules that should be followed. For example if you wish to make application for a vat reclaim for products sourced from Poland then you will need to deliver a faktura vat or vat invoice in Polish before you do so. A 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 will certainly have to know all the details on customs, excise and vat duties on import and sale of your products or services. This will help avoid double taxation and stop you from running afoul on import rules and regulations put in place by the country. You should certainly stay abreast of customs & excise rules as part of your import business if you want to save money legally while increasing your profits on sales all at once.