If you’re planning to import goods into any country including EU States you will want to stay abreast of customs & excise rules as part of your import business. You’ll certainly need to pay customs or excise duties, and others, for the
products which you import in your country, according to current rules.
If you are merely a business traveler bringing in a few duty free products in your country then you probably won’t need to pay any duties on those items. However, if you start up a business with plans on importing goods in your country with the aim of selling them to your clients 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 plan to begin importing goods in the UK then you’ll need 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 abide by 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 exact level of customs duties applicable on each 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 is from another EU country where vat has already been paid then you can also apply for a vat refund when you import it in the UK and then sell it through a vat invoice. In order to achieve this goal, you have got to get vat registered using the hmrc vat department, apply for a vat refund in the country of origin of the product and then wait for the designated time before a vat refund is awarded to your account.
In the event you want to import cigarettes, cigars, or any other tobacco products, or certain types of alcohol to the UK then again, you’ll be required to pay excise duty on those products. Certain goods and services imported from EU States also attract import vat duty. You will need to do the hiring of an reliable vat agent to deal with your vat returns and refunds, and acquire all necessary clarifications on all of the latest modifications in vat customs and excise rules.
If you’re a vat registered dealer then you will have to collect vat from the clients when you issue a vat invoice. Different countries within the EU have different vat rules that should be followed. For instance if you wish to apply for a vat reclaim for products sourced from Poland then you’ll really need to deliver a faktura vat or vat invoice in Polish before you do it. A local vat agent will be your best ally when this occurs.
If you plan to import goods or services in your country from other countries around the world or from other EU countries then you’ll certainly have to know all the required information on customs, excise and vat duties on import and sale of the products or services. This will assist avoid double taxation and prevent you from running afoul on import rules and regulations set up by your country. You should certainly stay up to date with customs & excise rules in your import business if you want to save money legally while boosting your profits on sales at the same time.