If you are planning to import goods into any country including EU States you will want to keep abreast of customs & excise rules in your import business. You’ll certainly have to pay customs or excise duties, and others, for the
goods that you import into your country, according to current rules.
In case you are just a business traveler bringing in a couple of duty free products in your country then you might not have to pay any duties on those items. However, if you start a business with intentions of importing goods in your country with the intention of selling these to your clients then you will have to pay customs and excise duties on many products, except people that have been exempted from such duties. For example if you plan to begin importing goods in the UK then you will have to pay customs & excise duties together with collecting and payment of vat or value added tax too, provided you have crossed the threshold limit set by the hmrc vat department. Additionally, you will need to adhere to 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 precise level of customs duties applicable on every type of product. You should verify the classification that fits your products for precise cost calculation for your product. If your merchandise that you plan to import comes 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 united kingdom and then sell it through a vat invoice. In order to achieve this goal, you have got to get vat registered with the hmrc vat department, apply for a vat refund in the nation of origin of the product and after that wait for a designated time before a vat refund is awarded to your account.
In case you want to import cigarettes, cigars, or any other tobacco products, or certain types of alcohol into the UK then again, 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 have to hire the services of an reliable vat agent to handle your vat returns and refunds, and acquire all necessary clarifications on all of 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 in the EU have different vat rules that need to be followed. For example if you need to make application for a vat reclaim for products sourced from Poland then you will need to produce a faktura vat or vat invoice in Polish before you can 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 worldwide or from other EU countries then you will certainly have to know all the required details 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 put in place 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 all at once.