If you operate a business in the United Kingdom and your sales turnover is poised to cross over ?70,000 in the past Twelve 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 plus in such a case you surely need to know a lot more than simply what exactly is vat.
When your vat registration has been approved and you receive your vat certificate, then you’ll have to file regular vat returns depending on the vat scheme that you’ve chosen. If you run a business http://vatregistrationnumber.com 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 provides several vat online services including getting vat registration, filing vat returns and also 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 could be eligible for vat reclaim. However, it is best for you to be familiar with uk vat and eu vat rules and latest notifications before you decide to apply for a vat refund since any mistake on your part may be looked at with much more than disdain from hmrc vat. When this occurs you must not just have a little understanding about vat but should also employ the assistance offered by a capable vat consultant or agent.
As opposed to attempting to pick up your vat skills coming from a book, it is possible to go for vat courses that provide different levels 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 just need basic knowledge you may even choose a 2 day course where you will likely 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 enter the intricate specifics of vat, you will at least have an idea about the functioning on the vat system and its implications.
The fees for such vat courses vary from upwards of ?100 based on the vat course which you choose and also the level of knowledge provided in this course. In case you import services and goods to the UK from other countries including eu countries then you may also opt for courses that impart knowledge on customs and excise duties and also on import vat too. You should also know more about vat classifications, vat rates and vat exempt goods and services to enable you to charge applicable vat rates as part of your vat invoices. You will also have the capacity to communicate a lot more efficiently with the vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is always better to prepare yourself as well as your business before you decide to 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 essential that you attend all related vat courses to seamlessly integrate your organization into the system of vat.