In case you run a business in the United Kingdom plus your sales turnover is poised to go over ?70,000 during the past Twelve months you then 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 plus in such a case you surely need to know much more than simply what exactly is vat.
Once your vat registration may be approved and you also receive your vat certificate, then you’ll need to file regular vat returns dependant upon the vat scheme that you’ve chosen. In the event you run a business vat control 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 several vat online services including applying for vat registration, filing vat returns and also applying for vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat was already charged and paid in that country then you could be eligible for vat reclaim. However, it is best for you to be familiar with uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake on your part could be looked at with a lot more than disdain from hmrc vat. When this occurs you should not just have some knowledge about vat but should also employ the services offered by a capable vat consultant or agent.
Instead of attempting to pick up your vat skills from a book, you can easily opt for vat courses that provide 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 up your mind. If you simply want basic knowledge you may even choose 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, applying for vat refunds, etc. Although such courses might not go into the intricate specifics of vat, you’ll at the very least have an idea about the functioning on the vat system and its implications.
The fees for such vat courses vary from well over ?100 depending on the vat course which you choose and also the level of knowledge provided in this course. In the event 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. It’s also advisable to know more about vat classifications, vat rates and vat exempt goods and services so that you can charge applicable vat rates as part of 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 usually better to prepare yourself and your business before you adopt vat since standard vat rates are poised to vary at the beginning of 2011. As soon as you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will help you lower your business costs. It is essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.