In case you run 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 register for VAT courses to learn more about vat rules. You will have to turn into a value added tax or vat registered trader plus in such a case you surely need to know much more than merely what exactly is vat.
Once your vat registration may be approved and you receive your vat certificate, then you’ll need to file regular vat returns depending on the vat scheme that you’ve chosen. If you operate a business vatcontrol.com in the United Kingdom then you’ll have to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including applying for vat registration, filing vat returns as well as seeking vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat has already been charged and paid in that country then you could qualify for vat reclaim. However, it is best for you to be aware of uk vat and eu vat rules and latest notifications before you apply for a vat refund since any mistake on your part could be looked upon with much more than disdain from hmrc vat. In such a case you should not just have some knowledge about vat but should also employ the services offered by a competent vat consultant or agent.
Instead of attempting to pick up your vat skills coming from a book, you can easily opt for vat courses that offer different degrees of knowledge. You should compare your business needs with the various courses provided by different institutions, including online ones before you make up your mind. If you simply want basic knowledge you may even choose 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, applying for vat refunds, etc. Although such courses might not enter the intricate specifics of vat, you will at least have an idea on the functioning of the vat system and its implications.
The fees for such vat courses vary from well over ?100 depending on the vat course that you choose and the level of knowledge provided in this course. In case you import goods and services into the UK from other countries including eu countries then you could also go for courses that impart knowledge on customs and excise duties and also on import vat too. It’s also advisable to learn more about vat classifications, vat rates and vat exempt services and goods to enable you to charge applicable vat rates in your vat invoices. Additionally, you will have the capacity to communicate a lot more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always better to prepare yourself and your business before you adopt vat since standard vat rates are also poised to vary at the beginning of 2011. As soon as you embrace vat, you will also have to file regular vat returns, while receiving vat refunds will help you reduce your business costs. It is essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.