If you have started a new manufacturing or trading business in the UK that also involves importing products or services then you will have to pay your taxes in time to hm customs. There are various forms of taxes collected by this department on the goods, services, and earnings, and the money collected is invested in providing public services to folks of the nation vat number.
The hm revenue & customs was formed in 2005 in the UK with the merger of Inland Revenue and hm customs and excise department. This vital department collects indirect and direct taxes while managing child benefits as well as border and frontier protection services, among several other services. The hmrc also collects vat or value added tax from traders in the nited kingdom.
If you intend to start a small business in the UK which involves import of products from other eu countries which have also adopted vat then you’ll need to pay customs duties, excise duties or import vat for your imported goods, in line with the classification of these goods by the hmrc department. Once the items are sold, then you’ll also have to collect vat on them provided you are a vat registered dealer. As soon as you cross over the vat threshold limit set by the hm customs department you will subsequently be issued a vat number and may need to sell your goods or services through a vat invoice.
The hm revenue and customs department has also gone hi-tech, and provides an array of vat online services together with services regarding customs and excise duties, vat refunds, etc. However, you ought to certainly try to garner sufficient knowledge on uk vat as well as eu vat if you wish to reclaim vat that may have already been paid in other eu countries before being imported into the UK. This department also guides citizens regarding how to start their very own business along with fulfilling vat requirements as well as provides vat rules that need to be followed for successful vat implementation.
In the event you still have trouble in determining what exactly is vat or do not have time and energy to administer your vat payments and collections then you can appoint a tax agent or adviser to handle your entire vat requirements. Including filing vat returns and obtaining vat reclaim in the UK or other European country where vat may have been paid.
This will help to lessen your paperwork burden as well as your financial burden because you will be able to prevent the problem of double taxation on the services or goods. If you’d like more information on all services offered by hmrc then you can also visit their webpage and read about each service in great detail. In addition you can also download various vat forms in addition to other types of forms that will save a lot of time and effort this site.
Your business in the United Kingdom will be successful if only you understand and comply with all types of taxes that should be paid while importing and selling goods or services. It is the job of the hmrc to track your enterprise and collect vital taxes from you. On your part, it’s your job to ensure that you pay your taxes in time to hm customs in order to stay on the right side of the law.