If you operate a business in the United Kingdom and your sales turnover is poised to go over ?70,000 in the past 12 months you then should sign up for VAT courses to learn 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 have to know much more than simply what exactly is vat.
When your vat registration may be approved and you also receive your vat certificate, then you’ll have to file regular vat returns depending on the vat scheme that you have chosen. If you operate a business in the United Kingdom then you’ll need to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also provides www.vatvalidation.com several vat online services including applying for vat registration, filing vat returns as well as 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 is best for you to be aware of uk vat and eu vat rules and latest notifications before you decide to try for a vat refund since any mistake on your part may be looked upon 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 services offered by a competent vat consultant or agent.
Instead of attempting to pick up your vat skills coming from a book, you can easily go for vat courses that offer different levels of knowledge. You ought to compare your organization needs with the various courses offered by different institutions, including online ones prior to making a decision. In the event you simply want basic knowledge you may even opt for 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, applying for vat refunds, etc. Although such courses may not go into the intricate details of vat, you will at the very least have an idea on the functioning on the vat system and its implications.
The fees for such vat courses range from well over ?100 based on the vat course which you choose and the level of knowledge provided in this course. In the event you import goods and services into the UK from other countries including eu countries then you may also opt for courses that impart knowledge on customs and excise duties and on import vat too. You should also 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. Additionally, you will have the capacity to communicate much more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always better to prepare yourself and your business before you decide to adopt vat since standard vat rates are also poised to vary at the start of 2011. Once you embrace vat, you will probably need to file regular vat returns, while receiving vat refunds will help you 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.