In case you operate a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 during the past 12 months you then should sign up for VAT courses to understand more about vat rules. You will have to turn into a value added tax or vat registered trader plus in this sort of case you surely have to know a lot more than simply what is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you’ll need to file regular vat returns depending on the vat scheme that you’ve chosen. If you operate a business in the UK then you’ll need to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also offers http://vatvalidation.com several vat online services including applying for vat registration, filing vat returns as well as seeking vat refunds.
In case you 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’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 could be looked upon with a lot more than disdain from hmrc vat. When this occurs you should not just have some knowledge about vat but must also employ the services provided by a capable vat consultant or agent.
Instead of trying to pick up your vat skills coming from a book, you can easily opt for vat courses that provide different degrees of knowledge. You should compare your business needs with all the various courses offered by different institutions, including online ones before you make up your mind. In the event you simply want basic knowledge then you can even choose 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, applying for vat refunds, etc. Although such courses may not enter the intricate specifics of vat, you’ll at 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 which you choose and also the amount of knowledge provided in this course. In case you import goods and services to the UK from other countries including eu countries then you may also go for courses that impart knowledge on customs and excise duties and on import vat too. It’s also advisable to learn more about vat classifications, vat rates and vat exempt goods and services so that you can charge applicable vat rates as part of your vat invoices. You will also 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 always better to prepare yourself as well as 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 probably need to file regular vat returns, while receiving vat refunds will help you lower your business costs. It is essential that you attend all related vat courses to seamlessly integrate your organization into the system of vat.