If you run a business in the UK plus your sales turnover is poised to go over ?70,000 in the past 12 months then you 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 such a case you surely have to know much more than merely what exactly is vat.
When your vat registration may be 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. In the event you operate a business in the United Kingdom then you will need to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also provides vatvalidation.com several vat online services including applying for vat registration, filing vat returns as well as applying for 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 qualify for vat reclaim. However, it is best that you be familiar with uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake by you could be looked at with much more than disdain from hmrc vat. When this occurs you should not just have a little understanding about vat but should also employ the services provided by a capable vat consultant or agent.
As opposed to attempting to pick up your vat skills from a book, you can easily go for vat courses that provide different degrees of knowledge. You should compare your business needs with all the various courses provided by different institutions, including online ones prior to making up your mind. In the event you simply want basic knowledge then you can 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 on 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 case you import goods and services into the UK from other countries including eu countries then you may also go for courses that impart knowledge on customs and excise duties and on import vat too. It’s also advisable to learn more about vat classifications, vat rates and vat exempt goods and services to enable you to charge applicable vat rates in your vat invoices. Additionally, you will be able to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is always preferable to be well prepared as well as your business before you decide to adopt vat since standard vat rates are also poised to vary 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 lower your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your organization in the system of vat.