Decipher customs and excise vat duties to enhance your earnings

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

goods that 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 might not need to pay any duties on those items. However, should you start a business with plans on importing goods in your country with the intention of selling these to your clients then you’ll have to pay customs and excise duties on many products, except those that have been exempted from such duties. For instance if you plan to start importing goods in the UK then you’ll have to pay customs & excise duties together with collecting and payment of vat or value added tax too, provided you’ve crossed the threshold limit set by the hmrc vat department. You will also have to abide by 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 precise amount of customs duties applicable on every type of product. You need to verify the classification that fits your product for precise cost calculation for your product. If your product that you intend to import comes from another EU country where vat was already paid then you can certainly also apply for a vat refund once you import it in the UK and sell it through a vat invoice. To have this goal, you will need to get vat registered with the hmrc vat department, apply for a vat refund in the nation of origin of the product and after that wait for the designated time before a vat refund is awarded to your account.

In case you want to import cigarettes, cigars, or any other cigarettes and tobacco products, or certain 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 have to do the hiring of an 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 then you will need to collect vat from the clients whenever you issue a vat invoice. Different countries within the EU have different vat rules that should be followed. For example if you need to make application for a vat reclaim for products sourced from Poland then you’ll really need to deliver a faktura vat or vat invoice in Polish before you can do so. Any local vat agent will be your best ally in such a case.

If you are planning to import services or goods into your country from other countries worldwide or from other EU countries then you will 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 help avoid double taxation and stop you from running afoul on import rules and regulations set up 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 boosting your profits on sales at the same time.