In case you run a business in the UK and your sales turnover is poised to cross over ?70,000 in 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 such a case you surely have to know a lot more than simply what exactly is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you will need to file regular vat returns dependant upon the vat scheme that you have chosen. If you operate a business www.vatcontrol.com in the United Kingdom then you will 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 applying for vat registration, filing vat returns as well as seeking 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 for you to be aware of uk vat and eu vat rules and latest notifications before you apply for a vat refund since any mistake on your part may be looked at with much more than disdain from hmrc vat. When this occurs you must not only have a little understanding about vat but must 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, it is possible to go for vat courses that offer different degrees of knowledge. You ought to compare your business needs with all the various courses offered by different institutions, including online ones prior to making up your mind. If you just need basic knowledge then you can even choose a 2 day course where you will 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’ll at least have an idea about the functioning on the vat system and its implications.
The fees for such vat courses vary from well over ?100 based 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 could also go 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 goods and services 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 when you have sufficient knowledge on vat.
It is usually preferable to be well prepared and your business before you adopt vat since standard vat rates are also poised to vary at the beginning of 2011. As soon as you embrace vat, you will probably need 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 organization into the system of vat.