Whether you are importing or exporting, there are important VAT and duty rules and procedures. These depend on whether you are dealing with a customer or supplier in another European Union (EU) country, or with the rest of the world.
TAX AND COMPLIANCE
If your business is a company, you need to submit corporation tax returns and pay corporation tax on your profits.Although you are likely to use accountants to prepare your returns and calculate your tax liability, you cannot afford to ignore corporation tax until the year end. The way you finance and manage your business can have a significant impact on the final bill.
VAT accounting schemes can make your life easier, simplifying your VAT accounting and in some cases improving your cashflow. If your taxable turnover of standard and reduced-rated supplies is below £1.35m (excluding VAT), or if you are involved in retail or selling second-hand goods, a VAT accounting scheme could suit you.