In case you have started a new manufacturing or trading business in the UK that also involves importing products or services then you’ll need to pay your taxes on time to hm customs. There are several types of taxes collected by this department on the goods, services, and earnings, and the money collected is spent on providing public services to folks of the nation search vat number.
The hm revenue & customs was formed in 2005 in the UK with the merger of Inland Revenue and hm customs and excise department. This vital department collects direct and indirect taxes while managing child benefits as well as border and frontier protection services, among several other services. The hmrc also collects vat or value added tax from traders in the UK.
If you plan to start a business in the United Kingdom which involves import of products from other eu countries which have also adopted vat then you will have to pay customs duties, excise duties or import vat for your imported goods, based on the classification of these goods by the hmrc department. When the items are sold, then you will also have to collect vat on them provided you’re a vat registered dealer. Once you cross over the vat threshold limit set by the hm customs department then you will be issued a vat number and will need to sell your goods or services via a vat invoice.
The hm revenue and customs department has also gone hi-tech, and offers a wide range of vat online services in addition to services regarding customs and excise duties, vat refunds, etc. However, you should certainly attempt to garner sufficient knowledge on uk vat as well as eu vat if you want to reclaim vat that may have been paid in other eu countries before being imported into the UK. This department also guides citizens regarding how to start their own business in addition to fulfilling vat requirements and also provides vat rules that need to be followed for successful vat implementation.
If you have trouble in figuring out what is vat or do not have time to administer your vat payments and collections then you can appoint a tax agent or adviser to handle all your vat requirements. This includes filing vat returns and applying for vat reclaim in the UK or other European country where vat may have been paid.
This will help to lessen your paperwork burden along with your financial burden because you will have the ability to prevent the problem of double taxation on the services or goods. If you’d like more information on all services offered by hmrc then you can also visit their website and browse about each service in great detail. You can also download various vat forms in addition to several other types of forms which will save considerable time and effort additional reading.
Your business in the UK will likely be successful only if you comprehend and conform to all types of taxes that need to be paid while importing and selling goods or services. It’s the job of the hmrc to monitor your enterprise and collect vital taxes from you. On your side, it is your job to actually pay your taxes on time to hm customs so as to stay on the right side of the law.