Decipher customs and excise vat duties to enhance your income

If you are planning to import goods into any country including EU States then you need to stay up to date with customs & excise rules in your import business. You’ll certainly need to pay customs or excise duties, and others, on the

goods that you import in your country, according to current rules.

In case you are merely a business traveler bringing in a few duty free products in your country then you definitely might not need to pay any duties on those things. However, should you start up a business with plans on importing goods into your country with the intention of selling them to your customers then you’ll have to pay customs and excise duties on many products, except people that have been exempted from such duties. For instance 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 have crossed the threshold limit set by the hmrc vat department. Additionally, you will need 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 amount of customs duties applicable on every type of product. You need to verify the classification that fits your products for precise cost calculation for your product. If the product 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 when you import it in the UK and sell it by using a vat invoice. In order to achieve this goal, you will need to get vat registered with the hmrc vat department, file for a vat refund in the nation of origin of the product and then wait for a designated time before a vat refund is awarded to your account.

In case you want to import cigarettes, cigars, or any other tobacco products, or some types of alcohol into 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 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 modifications in vat customs and excise rules.

If you’re a vat registered dealer then you will need to collect vat from your clients when you issue a vat invoice. Different countries within the EU have different vat rules that need to be followed. For example if you need to make application for a vat reclaim for products sourced from Poland then you’ll need to deliver a faktura vat or vat invoice in Polish before you do so. Any local vat agent will be your best ally in such a case.

If you are planning to import goods or services in your country from other countries worldwide or from other EU countries then you’ll certainly have to know all the required details on customs, excise and vat duties on import and sale of the services or products. This will assist avoid double taxation and prevent you from running afoul on import rules and regulations put in place by the country. You should certainly stay abreast of customs & excise rules in your import business if you wish to save money legally while increasing your profits on sales all at once.