If you run a business in the United Kingdom and your sales turnover is poised to go over ?70,000 in the past 12 months then you 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 and in this sort of case you surely need to know a lot more than simply what is vat.
When your vat registration has been approved and you receive your vat certificate, then you will need to file regular vat returns depending on the vat scheme that you have chosen. If you run a business http://vatregistrationnumber.com 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 provides several vat online services including getting vat registration, filing vat returns as well as seeking vat refunds.
In case you import goods to the UK from any eu country that charges vat, where vat was already charged and paid in that country then you may qualify for vat reclaim. However, it’s a good idea that you be aware of uk vat and eu vat rules and latest notifications before you decide to apply for a vat refund since any mistake on your part may be looked at with a lot more than disdain from hmrc vat. When this occurs you must not only have some knowledge about vat but should also employ the assistance offered by a capable vat consultant or agent.
Instead of trying to pick up your vat skills coming from a book, it is possible to opt for vat courses that provide different degrees of knowledge. You ought to compare your organization needs with all the various courses offered by different institutions, including online ones before you make a decision. 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 obtaining vat registration, calculation of vat, issuing vat invoices, filing vat returns, applying for vat refunds, etc. Although such courses may not enter 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 based on the vat course that you choose and the level of knowledge provided in that course. In the event you import services and goods 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. 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 in your vat invoices. You will also have the capacity to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is always better to be well prepared as well as your business before you decide to adopt vat since standard vat rates are 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 is essential that you attend all related vat courses to seamlessly integrate your organization into the system of vat.