In case you run a business in the UK plus your sales turnover is poised to go over ?70,000 in the past Twelve months then you should sign up 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 a lot more than merely what is vat.
Once your vat registration has been approved and you receive your vat certificate, then you will have to file regular vat returns depending on the vat scheme that you’ve chosen. If you run a business vatcontrol in the United Kingdom then you’ll have to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including getting 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 that country then you may be eligible for vat reclaim. However, it’s a good idea for you to 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 may be looked at with much more than disdain from hmrc vat. In such a case you must not just have some knowledge about vat but should also employ the assistance provided by a competent vat consultant or agent.
As opposed to attempting to pick up your vat skills from a book, it is possible to opt for vat courses that provide different degrees of knowledge. You ought to compare your organization needs with the various courses offered by different institutions, including online ones before you make a decision. In the event you simply want basic knowledge then you can even opt for 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 may not enter the intricate details of vat, you’ll at least have an idea about the functioning on the vat system and its implications.
The fees for such vat courses range from well over ?100 based on the vat course which you choose and the amount of knowledge provided in this course. In the event you import goods and services to the UK from other countries including eu countries then you could also go for courses that impart knowledge on customs and excise duties and also on import vat too. You should also know 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 your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually better to prepare yourself and your business before you decide to adopt vat since standard vat rates are also poised to change at the beginning of 2011. As soon as you embrace vat, you will probably have to file regular vat returns, while receiving vat refunds will allow you to lower your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your business in the system of vat.