If you operate a business in the United Kingdom and your sales turnover is poised to cross 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 need to know much more than merely what exactly is vat.
Once your vat registration may be approved and you receive your vat certificate, then you’ll have to file regular vat returns dependant upon the vat scheme that you have chosen. If you run a business vatcontrol 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 provides several vat online services including applying for vat registration, filing vat returns as well as applying for vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat was already charged and paid in the country then you could 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 apply for a vat refund since any mistake by you may be looked at with a lot more than disdain from hmrc vat. When this occurs you must not only have a little understanding about vat but should also employ the assistance provided by a competent vat consultant or agent.
Instead of trying to pick up your vat skills coming from a book, it is possible to opt for vat courses that provide different levels of knowledge. You ought to compare your business needs with all the various courses provided by different institutions, including online ones before you make up your mind. In the event you simply want basic knowledge you may even choose 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 details of vat, you’ll at the very 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 also the amount of knowledge provided in that course. In case you import goods and services into the UK from other countries including eu countries then you could also opt 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. You will also be able 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 prepare yourself 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 probably have to file regular vat returns, while receiving vat refunds will allow you to lower your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your organization in the system of vat.