If you run a business in the UK and your sales turnover is poised to cross over ?70,000 in the past 12 months then you should register for VAT courses to learn 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 need 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’ll have to file regular vat returns dependant upon the vat scheme that you’ve chosen. In the event you run a business in the UK then you’ll have to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also provides vat validation 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 that you be familiar with uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake on your part may be looked upon with a lot more than disdain from hmrc vat. In such a case you must not only have a little understanding about vat but should also employ the services provided by a competent vat consultant or agent.
As opposed to trying to pick up your vat skills from a book, you can easily opt for vat courses that provide different degrees of knowledge. You ought to compare your business needs with the various courses offered by different institutions, including online ones prior to making up your mind. In the event you just need 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, applying for vat refunds, etc. Although such courses might not enter the intricate details of vat, you’ll at least have an idea on the functioning of the vat system as well as its implications.
The fees for such vat courses range from well over ?100 depending on the vat course that you choose and the level of knowledge provided in that course. In the event you import services and goods 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. It’s also advisable to 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 a lot more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is usually preferable to prepare yourself and your business before you decide to adopt vat since standard vat rates are poised to change at the start of 2011. Once you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will help you reduce your business costs. It is essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.