Decipher customs and excise vat duties to improve your earnings

If you are planning to import goods into any country including EU States then you need to stay abreast of customs & excise rules as part of your import business. You will certainly have to pay customs or excise duties, and others, for the

products which you import into your country, according to current rules.

If you are just a business traveler bringing in a couple of duty free products in your country then you probably won’t have to pay any duties on those items. However, if you start a business with intentions of importing goods in your country with the aim of selling them to your clients then you will have to pay customs and excise duties on most products, except people that have been exempted from such duties. For example if you intend to begin importing goods into 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 have crossed the threshold limit set by the hmrc vat department. Additionally, you will have to adhere to 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 level of customs duties applicable on every type of product. You should verify the classification that fits your products for precise cost calculation for your product. If the merchandise that you intend to import comes from another EU country where vat has already been paid then you can certainly also apply for a vat refund once you import it in the UK and then sell it by using a vat invoice. To have this goal, you have got to get vat registered using the hmrc vat department, apply 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 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 an reliable vat agent to deal with 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 you will need to collect vat from the clients whenever you issue a vat invoice. Different countries in the EU have different vat rules that should be followed. For instance if you wish to make application for a vat reclaim for products sourced from Poland then you will really need to deliver a faktura vat or vat invoice in Polish before you do it. Any local vat agent will be your best ally when this occurs.

If you plan to import services or goods in your country from other countries worldwide or from other EU countries then you’ll certainly have to know all the required information on customs, excise and vat duties on import and sale of the services or products. This will help avoid double taxation and prevent you from running afoul on import regulations and rules set up by the country. You should certainly stay up to date with customs & excise rules as part of your import business if you wish to spend less legally while increasing your profits on sales all at once.