If you run a business in the United Kingdom and your sales turnover is poised to go over ?70,000 in the past 12 months you then 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 and in such a case you surely have to know much more than simply what exactly is vat.
Once your vat registration has been approved and you receive your vat certificate, then you’ll need to file regular vat returns depending on the vat scheme that you have chosen. In the event you run a business in the United Kingdom then you’ll have to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also offers vatvalidation several vat online services including applying for vat registration, filing vat returns as well as applying for vat refunds.
If you happen to import goods into 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 is best that you be familiar with uk vat and eu vat rules and latest notifications before you decide to try for a vat refund since any mistake by you may be looked upon with much more than disdain from hmrc vat. When this occurs you should not only have a little understanding about vat but must also employ the assistance provided by a capable 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 provide different degrees of knowledge. You should compare your organization needs with all the various courses offered by different institutions, including online ones prior to making up your mind. If you simply want basic knowledge then you can even choose a 2 day course where you will be ingrained with basic vat rules including obtaining vat registration, calculation of vat, issuing vat invoices, filing vat returns, applying for vat refunds, etc. Although such courses might not go into the intricate specifics of vat, you’ll at the very least have an idea about the functioning on 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 amount 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 on import vat too. It’s also advisable to learn more about vat classifications, vat rates and vat exempt goods and services so that you can charge applicable vat rates as part of your vat invoices. Additionally, you will be able to communicate a lot 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 and your business before you adopt vat since standard vat rates are also poised to vary at the start of 2011. Once you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your business into the system of vat.