Stay up to date with customs & excise rules in your import business ...

If you are planning to import goods into any country including EU States you will want to keep up to date with customs & excise rules as part of your import business. You will certainly have to pay customs or excise duties, among 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 definitely probably won?t have to pay any duties on those things click here. However, if you start a business with plans on importing goods in your country with the intention of selling these to your customers then you?ll have to pay customs and excise duties on most products, except those that have been exempted from such duties. For example if you intend to begin importing goods in 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 amount of customs duties applicable on each type of product. You need to verify the classification that fits your products for precise cost calculation on your product. If the merchandise that you intend to import comes from another EU country where vat was already paid then you can also obtain a vat refund once you import it in the united kingdom and then sell it through a vat invoice. To have 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 after that wait for the designated time before a vat refund is awarded to your account.

In the event you want to import cigarettes, cigars, or other cigarettes and tobacco products, or certain types of alcohol into the UK however ,, you will be needed to pay excise duty on those products. Certain services and goods imported from EU States also attract import vat duty. You will need to hire the services of an reliable vat agent to deal with your vat returns and refunds, and get all necessary clarifications on all the latest changes in vat customs and excise rules.

If you are a vat registered dealer then you will have to collect vat from your clients whenever 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 will need to deliver a faktura vat or vat invoice in Polish before you can do it. Any local vat agent will be your best ally in such a case.

If you plan to import goods or services into your country from other countries around the world or from other EU countries then you?ll certainly have to know all the required details on customs, excise and vat duties on import and sale of your 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 my link. You must certainly stay abreast of customs & excise rules in your import business if you want to save money legally while increasing your profits on sales all at once.

Source: http://velgrimes.4ove.com/stay-up-to-date-with-customs-excise-rules-in-your-import-business/

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