Pay your customs duties and vat dutifully to hm customs vat

If your trading or manufacturing business requires importing goods into the UK then you should pay your customs duties and vat dutifully to hm customs vat. The customs department is managed by hmrc or hm revenue and customs department which is responsible for collecting various duties and taxes while also managing several benefits and funds.

Hmrc was established in the year 2005 with the merger of hm customs and excise department with the inland revenue department. This department now collects duties such as customs duties, excise duties, import vat, sales vat, income tax, inheritance tax, corporation tax, capital gains tax and several other taxes. The hm customs vat department collects around £17 billion in the form of duties and taxes each year.

If your business involves importing goods from other countries including member eu states that have also implemented the system of vat or value added tax then there are several advantages that can be beneficial for your own business. However, these benefits can be booked only if you too are a vat registered trader in the UK. A systematic understanding or uk vat and eu vat rules will help you to reclaim any vat that might have been paid on any goods in the country of origin before being imported into the UK.

You will be charged customs duties by the hm customs department upon entry into the UK. If you import alcohol or tobacco products or engage in providing gambling services then you might have to pay excise duties. The duties or import vat that you pay will depend on the nature of the goods or services imported into the UK and the hmrc uses a database of 14,000 classifications to slot your imports into the relevant classification.

Once your vat registration is completed then you can sell your imported goods in the local market by charging the appropriate vat on those products or services. You will also need to file regular vat returns and could file for vat refunds for vat paid in the country of origin. This applies to vat already paid on products or on services utilized in another eu country. For example, if you have paid vat while taking part in a trade show in another country then you can claim the amount back.

The hm customs vat department also allows you to pay most of your taxes online while also allowing you to calculate customs and excise duties, and vat by providing online help. On your part, you should definitely go in for the services of an expert customs and vat agent for seamless imports of goods and services into the UK as well as for ensuring that your imports are all classified and paid for in the correct manner. The customs, excise, and vat department does not take kindly to mistakes or fraud, and you might find yourself in deep trouble in case you knowingly or unknowingly commit any errors.

If you plan to import goods or services into the UK then you need to ensure that you employ professionals that have complete knowledge on customs, excise and vat rules pertaining not only to the UK but also to the entire EU region. This will help you to calculate and pay your customs duties and vat dutifully to hm customs vat so as to run your business without any setbacks.

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