If you’re planning to import goods into any country including EU States then you need to keep up to date with customs & excise rules in your import business. You will certainly need to pay customs or excise duties, among 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 probably won’t need to pay any duties on those things. However, if you start up a business with plans on importing goods into your country with the aim of selling them to your clients then you’ll have to pay customs and excise duties on many products, except people that have been exempted from such duties. For instance if you intend to start 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 adhere to 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 precise level of customs duties applicable on each type of product. You need to verify the classification that fits your products for precise cost calculation for your product. If your merchandise that you intend to import is from another EU country where vat was already paid then you can certainly also apply for a vat refund when you import it in the united kingdom and sell it by using a vat invoice. To have this goal, you have got to get vat registered with the hmrc vat department, apply 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 certain types of alcohol to the UK then again, you will be required to pay excise duty on those products. Certain services and goods imported from EU States also attract import vat duty. You will have to hire the services of a reliable vat agent to handle your vat returns and refunds, and get 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 in the EU have different vat rules that need to be followed. For instance if you wish to apply for a vat reclaim for products sourced from Poland then you’ll need to deliver a faktura vat or vat invoice in Polish before you do it. A local vat agent is normally the best ally when this occurs.
If you are planning to import goods or services in your country from other countries worldwide or from other EU countries then you’ll certainly need to know all the details on customs, excise and vat duties on import and sale of your services or products. 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 up to date with customs & excise rules in your import business if you wish to save money legally while boosting your profits on sales at the same time.