In case you operate a business in the UK and your sales turnover is poised to cross over ?70,000 during 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 such a case you surely need to know much more than simply what is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you will have to file regular vat returns depending on the vat scheme that you have chosen. In the event you run a business www.vatcontrol.com in the United Kingdom then you will need 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 getting 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 may qualify 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 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. When this occurs you should not only have a little understanding about vat but should also employ the services offered by a competent 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 offer 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 a decision. If you simply want basic knowledge you may 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, obtaining vat refunds, etc. Although such courses might not enter the intricate specifics of vat, you’ll at least have an idea on the functioning on the vat system as well as its implications.
The fees for such vat courses range from well over ?100 depending on the vat course that you choose and also the level of knowledge provided in this course. In the event you import goods and services into the UK from other countries including eu countries then you could also go 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 goods and services to enable you to charge applicable vat rates as part of 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 preferable to prepare yourself and your business before you adopt vat since standard vat rates are also poised to change at the beginning of 2011. As soon as you embrace vat, you will also have to file regular vat returns, while receiving vat refunds will allow you to lower your business costs. It is essential that you attend all related vat courses to seamlessly integrate your organization into the system of vat.