If you’re planning to import goods into any country including EU States you will want to keep up to date with customs & excise rules in your import business. You’ll certainly need to pay customs or excise duties, among 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 few duty free products into your country then you might not have to pay any duties on those items. However, if you start a business with plans on importing goods in your country with the aim of selling them to your customers 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 plan to start importing goods into 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. 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 product for precise cost calculation on your product. If your merchandise that you intend to import is from another EU country where vat has already been paid then you can certainly also obtain a vat refund when you import it in the united kingdom and then 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 after that wait for the designated time before a vat refund is awarded to you.
In case you plan to import cigarettes, cigars, or any other tobacco products, or certain types of alcohol into the UK however ,, you will 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 a reliable vat agent to deal with your vat returns and refunds, and acquire all necessary clarifications on all of the latest changes in vat customs and excise rules.
If you’re a vat registered dealer you will need to collect vat from your clients when you issue a vat invoice. Different countries in 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 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 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 information on customs, excise and vat duties on import and sale of the services or products. This will help avoid double taxation and prevent you from running afoul on import regulations and rules set up by your country. You should certainly stay abreast of customs & excise rules in your import business if you wish to spend less legally while increasing your profits on sales at the same time.