In case you operate a business in the United Kingdom plus your sales turnover is poised to go 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 this sort of case you surely need to know much more than simply what exactly is vat.
When your vat registration may be approved and you receive your vat certificate, then you’ll have to file regular vat returns depending on the vat scheme that you have chosen. If you run a business in the UK then you’ll have to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also provides vatvalidation.com several vat online services including getting vat registration, filing vat returns and also seeking vat refunds.
In case you import goods to the UK from any eu country that charges vat, where vat has already been charged and paid in the country then you could 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 apply for a vat refund since any mistake on your part may be looked at with a lot more than disdain from hmrc vat. In such a case you should 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 opt for vat courses that provide different levels of knowledge. You ought to compare your business needs with all the various courses provided by different institutions, including online ones prior to making a decision. If you just need basic knowledge then you can even opt for 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, obtaining vat refunds, etc. Although such courses may not enter the intricate details of vat, you’ll at least have an idea on the functioning of the vat system and its implications.
The fees for such vat courses range from well over ?100 based on the vat course that you choose and also the amount of knowledge provided in this course. In case you import goods and services to the UK from other countries including eu countries then you could 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 in your vat invoices. Additionally, you will have the capacity to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually preferable to prepare yourself and your business before you decide to adopt vat since standard vat rates are also poised to change at the start of 2011. As soon as you embrace vat, you will also 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 in the system of vat.