Know your customs and excise duties before you start importing goods

You might have started a business in an EU country that involves importing goods or even services into your country yet, if you know your customs and excise duties before you start importing goods then you can save lots of money and hassle https://vatcontrol.com/vat. It is extremely important that you know the exact duty rates including vat rates if you wish to extract the best profits from your sales, and purchases.

Each country has its own specific customs and excise rules, and countries which have adopted vat or vat also have their own vat rules that should be followed with perfect precision. For example in case your import organization is based in the UK then you will have to follow hm customs and excise rules while importing your goods while also following hmrc vat rules for import as well as selling your products or services in the local market.

You will first need to verify regarding which of the over 14,000 classifications pertain to your specific product that you intend to import into the UK. While customs duties apply to virtually all imported products, excise duties in the united kingdom usually apply to most tobacco and alcohol products. Again, for example if you plan to import an item to the UK from Sweden where local vat is already paid then you could qualify to reclaim that vat amount in Sweden. This may be possible if only you are a vat registered trader in the UK and provide enough documentary proof in Sweden to demonstrate that you have sold the product locally and have paid vat in UK for the very same.

You will thus need to know all customs and excise vat rules and rates in detail before starting importing and selling any goods or services imported from a member EU state or any other country. You should hire the services of a trusted vat agent which is not only conversant with uk vat but will also be amply trained in eu vat as you will have to make an application for vat refund in the country of origin while filing vat returns regularly in your own country. There are also certain custom duties and vat exemptions that can help you save on taxes but as long as you know about them.

Once you get your company vat registration you will then be allotted a vat number and will also have to issue vat invoices whilst selling your services and goods. If you intend to export those items outside your country then you’ll also have to be conversant with export laws of your plus the destination country more. Since vat customs and excise rules and rates keep changing at regular intervals it is crucial that you and your vat agent understand the latest rules so that you avoid getting a rude shock whenever your goods reach your country’s dock or airport.

It is extremely crucial that you cover every aspect of your business including purchase, sales, and all sorts of related duties and taxes before you decide to actually implement your plans. This move includes scrutinizing all customs and excise duties relevant to your products or services so that your final product costs tally exactly against your predictions as this is the only way you can start your business on firm ground.