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What is Vat on Imports and Exports Tax?

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Description

Complex laws and guidance oversee imports and exports. In global terms, VAT is obligatory on all imports at an equal rate that would apply to the product or service in the United Kingdom. If you import products from outside the EU you will have to pay import VAT and duties before the goods are issued by HM Revenue & Customs.
Always stay safe! It is safer when you trade locally, you see the goods before paying. Avoid using payment / transfer methods such as Western Union, this is the same as sending cash to someone. If you do not trade locally use a service such as PayPal, this can offer you some protection, see www.PayPal.co.uk for terms and further details. If it is a business that you are purchasing from, paying with a credit card can offer you some protection too.
Vidit Agarwal DNS Accountants is an award winning UK based accountancy firm that provides full range of accountancy services, payroll accounting, bookkeeping, self-assessment tax return, year-end accounting service to contractors/freelancer/sole trader and private limited companies across the UK. Posting for 2+ years

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