If you’re planning to import goods into any country including EU States then you need to stay abreast of customs & excise rules as part of your import business. You’ll certainly have to pay customs or excise duties, and others, for the
products which you import into your country, based on current rules.
In case you are just a business traveler bringing in a couple of duty free products into your country then you definitely might not need to pay any duties on those things. However, if you start up a business with intentions of importing goods into your country with the aim of selling these to your clients then you will have to pay customs and excise duties on most products, except those that have been exempted from such duties. For instance if you plan to begin importing goods into the UK then you’ll have to pay customs & excise duties together with collecting and payment of vat or value added tax too, provided you’ve crossed the threshold limit set by the hmrc vat department. You will also 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 every type of product. You need to verify the classification that suits your products for precise cost calculation on your product. If the product that you plan to import is from another EU country where vat was already paid then you can also apply for a vat refund when you import it in the UK and sell it by using a vat invoice. In order to achieve this goal, you will need to get vat registered with the hmrc vat department, apply for a vat refund in the country of origin of the product and then wait for a designated time before a vat refund is awarded to your account.
In case you plan to import cigarettes, cigars, or any other cigarettes and tobacco products, or some types of alcohol into the UK however ,, you’ll 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 modifications in vat customs and excise rules.
If you are a vat registered dealer you will have to collect vat from the clients whenever you issue a vat invoice. Different countries within the EU have different vat rules that should be followed. For example if you wish to apply for a vat reclaim for products sourced from Poland then you’ll really need to produce a faktura vat or vat invoice in Polish before you can do so. Any local vat agent will be your best ally when this occurs.
If you are planning to import services or goods into 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 regulations and rules put in place by your country. You must certainly stay abreast of customs & excise rules in your import business if you wish to spend less legally while boosting your profits on sales all at once.