In case you run a business in the UK and your sales turnover is poised to cross over ?70,000 during the past 12 months you then should register for VAT courses to understand more about vat rules. You’ll have to turn into a value added tax or vat registered trader plus in such a case you surely have to know a lot more than merely what is vat.
Once your vat registration may be approved and you receive your vat certificate, then you will have to file regular vat returns depending on the vat scheme that you’ve chosen. If you operate a business vat control in the United Kingdom then you will need to follow vat rules put in place 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 applying for vat refunds.
If you happen to 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 could qualify for vat reclaim. However, it’s a good idea for you to 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 could be looked upon with much more than disdain from hmrc vat. When this occurs you should not just have some knowledge about vat but must also employ the assistance provided by a capable vat consultant or agent.
As opposed to attempting to pick up your vat skills from a book, it is possible to go for vat courses that provide different degrees of knowledge. You ought to compare your organization needs with the various courses offered by different institutions, including online ones prior to making up your mind. In the event 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, applying for vat refunds, etc. Although such courses may not go into the intricate specifics of vat, you’ll at least have an idea about 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 that course. In the event you import services and goods 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. It’s also advisable to 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. Additionally, you will have the capacity to communicate much more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always preferable to prepare yourself as well as your business before you decide to adopt vat since standard vat rates are poised to change at the start of 2011. As soon as you embrace vat, you will also need 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 into the system of vat.