If you operate a business in the United Kingdom and your sales turnover is poised to go over ?70,000 in the past Twelve months then you should register for VAT courses to understand more about vat rules. You will have to turn into a value added tax or vat registered trader plus in this sort of case you surely have to know a lot more than merely what is vat.
When your vat registration has been approved and you receive your vat certificate, then you will need to file regular vat returns dependant upon the vat scheme that you have chosen. In the event you run a business vatcontrol in the UK then you’ll need 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 as well as seeking vat refunds.
In case you import goods into the UK from any eu country that charges vat, where vat has already been charged and paid in that country then you may be eligible for vat reclaim. However, it is best for you to be aware of uk vat and eu vat rules and latest notifications before you decide to try for a vat refund since any mistake on your part could be looked at with much more than disdain from hmrc vat. When this occurs you should not just have some knowledge about vat but should also employ the assistance provided by a capable vat consultant or agent.
As opposed to attempting to pick up your vat skills coming from a book, you can easily opt for vat courses that offer different levels of knowledge. You ought to compare your organization needs with all the various courses provided by different institutions, including online ones prior to making a decision. 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 enter the intricate details of vat, you will at least have an idea on the functioning on the vat system as well as its implications.
The fees for such vat courses range from well over ?100 depending on the vat course that you choose and also the level of knowledge provided in that 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 so that you can 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 once 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 change at the start of 2011. Once you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will help you reduce your business costs. It really is imperative that you attend all related vat courses to seamlessly integrate your organization in the system of vat.