If you run a business in the United Kingdom and your sales turnover is poised to cross over ?70,000 in the past Twelve months you then should register for VAT courses to understand 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 a lot more than merely what is vat.
Once 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 in the United Kingdom then you will have to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers vat validation 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 into the UK from any eu country that charges vat, where vat has already been charged and paid in the 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 apply for a vat refund since any mistake on your part could be looked at with a lot more than disdain from hmrc vat. In such a case you should not only have some knowledge about vat but must also employ the services provided by a capable vat consultant or agent.
As opposed to trying to pick up your vat skills from a book, you can easily opt for vat courses that provide different levels of knowledge. You should compare your business needs with all the various courses offered by different institutions, including online ones prior to making up your mind. In the event you just need basic knowledge then you can 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, obtaining vat refunds, etc. Although such courses might 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 upwards of ?100 based on the vat course which you choose and also the amount 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 also on import vat too. You should also know more about vat classifications, vat rates and vat exempt services and goods so that you can 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 always preferable to prepare yourself and your business before you adopt vat since standard vat rates are 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 help you lower your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your business into the system of vat.