In case you run a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 during the past Twelve months then you should register for VAT courses to learn more about vat rules. You’ll have to turn into a value added tax or vat registered trader and in this sort of case you surely have to know much more than merely what is vat.
Once your vat registration may be approved and you also 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 run a business http://vatcontrol.com in the United Kingdom then you’ll need to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including applying for vat registration, filing vat returns and also applying for vat refunds.
If you happen to 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 is best that you be familiar with 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. In such a case you should not only have some knowledge about vat but should also employ the services provided by a capable vat consultant or agent.
Instead of attempting to pick up your vat skills coming from a book, it is possible to go for vat courses that offer different degrees of knowledge. You should compare your business needs with all the various courses provided by different institutions, including online ones before you make up your mind. If you just need 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 might not enter the intricate details of vat, you will at least have an idea about the functioning on the vat system as well as its implications.
The fees for such vat courses range from well over ?100 based on the vat course which you choose and also the amount of knowledge provided in that course. In the event you import services and goods to the UK from other countries including eu countries then you could also opt for courses that impart knowledge on customs and excise duties and on import vat too. You should also learn 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 when you have sufficient knowledge on vat.
It is usually better to be well prepared and your business before you adopt vat since standard vat rates are also poised to vary at the start of 2011. Once you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will help you reduce your business costs. It is essential that you attend all related vat courses to seamlessly integrate your business into the system of vat.