Decipher customs and excise vat duties to enhance your earnings

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


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

If you are merely 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, if you start up a business with plans on importing goods into your country with the intention of selling them 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 example if you intend to begin importing goods in the UK then you will have 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 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 exact level of customs duties applicable on each type of product. You should verify the classification that fits your product for precise cost calculation on 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 once you import it in the united kingdom and then sell it through a vat invoice. In order to achieve this goal, you will need to get vat registered with the hmrc vat department, apply for a vat refund in the country of origin of the product and then wait for a designated time before a vat refund is awarded to you.

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’ll 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 a reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all of the latest modifications in vat customs and excise rules.

If you’re a vat registered dealer you will have 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 will need to deliver a faktura vat or vat invoice in Polish before you can do it. A local vat agent will be your best ally when this occurs.

If you are planning to import services or goods into your country from other countries worldwide or from other EU countries then you’ll certainly have to know all the details on customs, excise and vat duties on import and sale of the products or services. This will assist avoid double taxation and stop you from running afoul on import regulations and rules set up by the country. You should certainly stay abreast of 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.