If you run a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 in the past Twelve months then you 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 this sort of case you surely need to know much more than simply what exactly is vat.
When your vat registration has been approved and you receive your vat certificate, then you’ll need to file regular vat returns dependant upon the vat scheme that you’ve chosen. In the event you run a business vatregistrationnumber in the UK then you will have 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 applying for vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat has already been charged and paid in the country then you may be eligible for vat reclaim. However, it’s a good idea for you to be aware of uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake by you may be looked upon with much more than disdain from hmrc vat. In such a case you should not only have a little understanding about vat but must also employ the assistance provided by a capable vat consultant or agent.
As opposed to trying to pick up your vat skills coming from a book, it is possible to go for vat courses that provide different levels of knowledge. You ought to compare your business needs with the various courses provided by different institutions, including online ones prior to making a decision. In the event you just need basic knowledge you may even opt for 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 may not go into the intricate specifics of vat, you will at the very least have an idea about the functioning of the vat system and its implications.
The fees for such vat courses vary from upwards of ?100 depending on the vat course that you choose and also the amount of knowledge provided in this course. In the event you import services and goods 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 learn 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 have the capacity to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually better to be well prepared as well as your business before you adopt vat since standard vat rates are poised to vary at the beginning 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 really is imperative that you attend all related vat courses to seamlessly integrate your organization in the system of vat.