If you operate a business in the UK and your sales turnover is poised to cross over ?70,000 during the past Twelve months you then should sign up for VAT courses to learn more about vat rules. You will have to turn into a value added tax or vat registered trader plus in such a case you surely have to know much more than simply what is vat.
When your vat registration may be approved and you receive your vat certificate, then you will need to file regular vat returns depending on the vat scheme that you’ve chosen. In the event you operate a business vatregistrationnumber in the UK then you will have 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 getting vat registration, filing vat returns and also seeking vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat has already been charged and paid in that country then you may be eligible 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 try for a vat refund since any mistake on your part may be looked upon with much more than disdain from hmrc vat. In such a case you should not just have some knowledge about vat but should also employ the assistance provided by a competent vat consultant or agent.
Instead of trying to pick up your vat skills coming from a book, you can easily opt for vat courses that offer different degrees of knowledge. You should compare your organization needs with the various courses provided by different institutions, including online ones before you make up your mind. 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 obtaining 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 of the vat system and its implications.
The fees for such vat courses vary from upwards of ?100 based on the vat course that you choose and the amount of knowledge provided in that course. In case you import services and goods to the UK from other countries including eu countries then you could also go 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 goods and services to enable you to charge applicable vat rates in your vat invoices. You will also be able to communicate much more efficiently with the vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually better to prepare yourself as well as your business before you adopt vat since standard vat rates are also 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 reduce your business costs. It is essential that you attend all related vat courses to seamlessly integrate your business into the system of vat.