In case you operate a business in the United Kingdom plus your sales turnover is poised to go over ?70,000 in 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 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 also 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 run a business in the UK then you’ll have to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers vatvalidation several vat online services including applying for vat registration, filing vat returns and also applying for 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 the country then you may be eligible for vat reclaim. However, it’s a good idea that you be aware of uk vat and eu vat rules and latest notifications before you decide to try for a vat refund since any mistake on your part may be looked at with a lot more than disdain from hmrc vat. When this occurs you must not just have some knowledge about vat but should also employ the services offered 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 degrees of knowledge. You should compare your organization needs with the various courses offered by different institutions, including online ones before you make up your mind. If you just need basic knowledge you may even opt for 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 may 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 range from upwards of ?100 based on the vat course which you choose and also the amount of knowledge provided in this course. In case 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 know more about vat classifications, vat rates and vat exempt services and goods so that you can charge applicable vat rates as part of your vat invoices. Additionally, you will be able to communicate a lot more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is usually better to prepare yourself and your business before you adopt vat since standard vat rates are also poised to vary 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 really is imperative that you attend all related vat courses to seamlessly integrate your organization into the system of vat.