If you run a business in the UK plus your sales turnover is poised to cross over ?70,000 in the past Twelve months then you should sign up for VAT courses to understand more about vat rules. You’ll have to turn into a value added tax or vat registered trader and in this sort of case you surely have to know much more than merely what exactly is vat.
When your vat registration has been approved and you also receive your vat certificate, then you’ll have to file regular vat returns dependant upon the vat scheme that you have chosen. In the event you run a business in the UK then you will have to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers vatvalidation.com several vat online services including getting vat registration, filing vat returns and also seeking vat refunds.
In case you import goods into the UK from any eu country that charges vat, where vat was already 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 try for a vat refund since any mistake by you could be looked at with a lot more than disdain from hmrc vat. In such a case you must not just have a little understanding about vat but should also employ the assistance offered by a competent vat consultant or agent.
Instead of attempting to pick up your vat skills coming from a book, it is possible to go for vat courses that offer different levels of knowledge. You should compare your business needs with all the various courses offered by different institutions, including online ones prior to making a decision. If you simply want basic knowledge then you can even opt for a 2 day course where you will be ingrained with basic vat rules including applying for vat registration, calculation of vat, issuing vat invoices, filing vat returns, obtaining vat refunds, etc. Although such courses may not enter the intricate specifics of vat, you will at the very 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 the amount 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 may also go for courses that impart knowledge on customs and excise duties and on import vat too. You should also learn more about vat classifications, vat rates and vat exempt goods and services to enable you to charge applicable vat rates in your vat invoices. You will also have the capacity 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 prepare yourself and your business before you decide to adopt vat since standard vat rates are also poised to change at the beginning 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 essential that you attend all related vat courses to seamlessly integrate your organization into the system of vat.