If you operate a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 in the past Twelve months then you should sign up for VAT courses to learn more about vat rules. You will have to turn into a value added tax or vat registered trader and in such a case you surely need to know much more than simply what is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you’ll have to file regular vat returns dependant upon the vat scheme that you have chosen. In the event you run a business http://vatregistrationnumber.com in the United Kingdom then you’ll need to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including getting vat registration, filing vat returns as well as applying for vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat was already charged and paid in that country then you may be eligible for vat reclaim. However, it’s a good idea that you be familiar with uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake on your part may be looked upon with much more than disdain from hmrc vat. In such a case you must not only have some knowledge about vat but should also employ the services provided by a competent vat consultant or agent.
As opposed to trying to pick up your vat skills from a book, it is possible to go for vat courses that offer different degrees of knowledge. You ought to compare your organization needs with the various courses offered by different institutions, including online ones before you make up your mind. In the event you simply want basic knowledge then you can even opt for a 2 day course where you will be ingrained with basic vat rules including applying for vat registration, calculation of vat, issuing vat invoices, filing vat returns, obtaining vat refunds, etc. Although such courses might not go into the intricate specifics of vat, you’ll at the very least have an idea on the functioning of the vat system as well as its implications.
The fees for such vat courses vary from well over ?100 based on the vat course that you choose and also the amount of knowledge provided in that course. In the event you import goods and services to the UK from other countries including eu countries then you may also go for courses that impart knowledge on customs and excise duties and on import vat too. You should also learn more about vat classifications, vat rates and vat exempt services and goods to enable you to charge applicable vat rates as part of your vat invoices. You will also be able to communicate much more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is usually preferable to be well prepared as well as your business before you adopt vat since standard vat rates are also poised to change at the start of 2011. Once you embrace vat, you will probably have to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It really is imperative that you attend all related vat courses to seamlessly integrate your organization into the system of vat.