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 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 much more than merely 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 dependant upon the vat scheme that you have chosen. In the event you run a business http://vatregistrationnumber.com 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 several vat online services including getting vat registration, filing vat returns and also seeking vat refunds.
In case you import goods into the UK from any eu country that charges vat, where vat was already charged and paid in that country then you may be eligible for vat reclaim. However, it’s a good idea that you be familiar with uk vat and eu vat rules and latest notifications before you apply for a vat refund since any mistake on your part could be looked upon with much more than disdain from hmrc vat. In such a case you should not only have some knowledge about vat but must 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, you can easily go for vat courses that offer different degrees of knowledge. You ought to compare your organization needs with all the various courses provided by different institutions, including online ones before you make up your mind. In the event you simply want basic knowledge then you can even choose a 2 day course where you will likely 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 details of vat, you will at the very least have an idea about the functioning of the vat system as well as its implications.
The fees for such vat courses vary from upwards of ?100 depending on the vat course which you choose and the level of knowledge provided in that course. In the event you import goods and services to the UK from other countries including eu countries then you may also opt 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 as part of your vat invoices. Additionally, you will be able to communicate a lot more efficiently with the vat consultant and hmrc vat officers when 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. Once you embrace vat, you will probably have to file regular vat returns, while receiving vat refunds will help you lower your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your organization into the system of vat.