Decipher customs and excise vat duties to improve your income

If you’re planning to import goods into any country including EU States you will want to keep abreast of 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.

In case you are merely a business traveler bringing in a couple of duty free products in your country then you probably won’t need to pay any duties on those items. However, if you start a business with intentions of importing goods into your country with the aim of selling them to your customers then you’ll need to pay customs and excise duties on most products, except those that have been exempted from such duties. For example if you intend to start importing goods into 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 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 suits your product for precise cost calculation for your product. If the merchandise 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 UK and sell it through a vat invoice. To have this goal, you have got to get vat registered with the hmrc vat department, file for a vat refund in the country of origin of the product and after that wait for the designated time before a vat refund is awarded to your account.

In the event you plan to import cigarettes, cigars, or any other cigarettes and tobacco products, or some types of alcohol to the UK then again, 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 hire the services of an reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all the latest changes in vat customs and excise rules.

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

If you are planning to import goods or services into your country from other countries around the world or from other EU countries then you will certainly need to know all the details on customs, excise and vat duties on import and sale of your products or services. This will help avoid double taxation and prevent you from running afoul on import regulations and rules set up by your country. You should certainly stay up to date with customs & excise rules as part of your import business if you want to save money legally while increasing your profits on sales all at once.