I am looking to import some electrical goods from China into the UK. I
run a small limited company (UK based) which is not currently VAT registered.
I can find the supplier that I want to use, but I do not know what process
I will have to go through to clear customs, pay VAT etc.
The supplier states delivery via DHL, but I suspect that as it is an
import, there must be red tape that I need to sort out before I will
recieve any shipments?

I've done this myself on a small scale. If they can arrange shipping
then all that will happen with DHL is that you will have to pay the
customs charge (I believe its 27.5% and VAT on top). Either DHL will
take payment or customs will invoice you.

http://www.hmce.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageSupport_ShowContent&propertyType=document&columns=1&id=HMCE_CL_000199

Check out the above link to Public Notice 702 'Imports', should help
you in the long run.

Alternatively give the National Advice service a ring on 0845 010 9000
(UK) who will talk you through the information you need.

As a foreign purchaser, the exporter has the responsiblity to withhold
the Custom Duty as well as the VAT.  You just require to pay the fixed
amount determined by the exporter.

Please be advised that not all companies in China has the I/E right.

Should you want to get more information, please leave me a message.

I have personal experience exporting from China for my company
www.yingyujade.com  When you receive small shipments through courier
service such as DHL, UPS, they take care of customs and taxes and bill
you.
Taxplayer.ga made a good point that not all companies in China are
registered for I/E, although they may tell you that they are. I
experienced this problem personally. I would suggest to try a small
shipment from your supplier for the first time, and see how it
actually works out for you.