If you operate a business in the United Kingdom plus your sales turnover is poised to go over ?70,000 in the past Twelve months you then should register 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 this sort of case you surely have 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’ll need to file regular vat returns dependant upon the vat scheme that you have chosen. If you operate a business www.vatcontrol.com 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 applying for vat registration, filing vat returns as well as applying for 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 the country then you may be eligible 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 apply for a vat refund since any mistake on your part could be looked at with much more than disdain from hmrc vat. When this occurs you must not just have some knowledge about vat but must also employ the assistance provided by a competent vat consultant or agent.
Instead of trying to pick up your vat skills from a book, you can easily opt for vat courses that offer different levels of knowledge. You ought to compare your organization needs with all the various courses offered by different institutions, including online ones before you make up your mind. If you simply want basic knowledge then you can even opt for a 2 day course where you will 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 go into the intricate specifics of vat, you’ll at the very least have an idea on the functioning on the vat system and its implications.
The fees for such vat courses vary from upwards of ?100 depending on the vat course which you choose and also 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 may also go for courses that impart knowledge on customs and excise duties and also on import vat too. You should also learn 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 a lot more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always preferable to be well prepared and your business before you decide to adopt vat since standard vat rates are poised to change 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 really is essential that you attend all related vat courses to seamlessly integrate your business into the system of vat.