There are some key points and strict rules to remember if you choose for your business to trade internationally. At some point you will probably find your company paying UK customs duty and VAT.
By making sure you understand which VAT and duty parts apply to your business will help you plan ahead for charges and have no nasty surprises. If you do find yourself importing goods there will be a following article which will explain the advantages of deferring import customs duty and VAT and also tell you how to get all this VAT back to offset.
Always keep in your mind that Vat on Exports and imports is very complex so doing your homework could save you a lot of time and money. The best advice I can give is if there is anything you are unsure of regarding your business vat and duty charges you can always contact the HMRC for free advice via their national advice service.
Keep an eye out for my other articles in this series of import advice as I will be explain the pros and cons of importing in plain English making the minefield of importing approachable by providing you with map advice, help and where to find information. Doing your homework at the early stages of setting up your import business will save you much time and money as I learnt the hard way by running before I could walk. Keep your faith in importing even if it seems hard at first as it is a Multi-Billion pound business and there is a slice for you!
