If you run a business in the UK plus your sales turnover is poised to go over ?70,000 in the past Twelve 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 and in such a case you surely need to know much more than simply what is vat.
Once your vat registration may be approved and you receive your vat certificate, then you’ll have to file regular vat returns dependant upon the vat scheme that you have chosen. If you operate a business vatregistrationnumber in the United Kingdom 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 applying for 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 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 aware of 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 much more than disdain from hmrc vat. When this occurs you should not only have a little understanding about vat but must also employ the assistance offered by a competent 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 offer different levels of knowledge. You should compare your business needs with the various courses offered by different institutions, including online ones before you make up your mind. If you simply want basic knowledge you may even choose a 2 day course where you will likely 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 might not go into the intricate details of vat, you’ll at least have an idea about the functioning on the vat system and its implications.
The fees for such vat courses range from well over ?100 depending on the vat course that you choose and also the amount of knowledge provided in this course. In the event you import services and goods into the UK from other countries including eu countries then you may also go 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 services and goods to enable you to charge applicable vat rates in your vat invoices. You will also be able to communicate a lot more efficiently with your 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 adopt vat since standard vat rates are also poised to vary at the start of 2011. As soon as 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 is imperative that you attend all related vat courses to seamlessly integrate your organization into the system of vat.