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 you then should register for VAT courses to understand more about vat rules. You will have to turn into a value added tax or vat registered trader and in such a case you surely have to know much more than merely what exactly is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you’ll have to file regular vat returns dependant upon the vat scheme that you have chosen. If you operate a business vatregistrationnumber 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 offers several vat online services including getting vat registration, filing vat returns as well as applying for vat refunds.
If you happen to import goods into the UK from any eu country that charges vat, where vat has already been charged and paid in the country then you could qualify 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 try for a vat refund since any mistake on your part may be looked upon 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 offered by a competent vat consultant or agent.
Instead of 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 should compare your organization needs with all the various courses offered by different institutions, including online ones before you make a decision. If you simply want basic knowledge you may 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, 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 upwards of ?100 based on the vat course that you choose and also the amount of knowledge provided in this course. In case you import services and goods 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 on import vat too. You should also learn more about vat classifications, vat rates and vat exempt services and goods to enable you to charge applicable vat rates in your vat invoices. You will also be able to communicate a lot more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always 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 also have to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your organization in the system of vat.