If you operate a business in the United Kingdom and your sales turnover is poised to go over ?70,000 during the past 12 months then you should sign up for VAT courses to learn 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 is vat.
Once your vat registration may be approved and you receive your vat certificate, then you will need to file regular vat returns dependant upon the vat scheme that you’ve chosen. In the event you operate a business vat registration number 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 and also applying for vat refunds.
In case you import goods into the UK from any eu country that charges vat, where vat has already been charged and paid in that country then you could qualify for vat reclaim. However, it is best for you to be aware of uk vat and eu vat rules and latest notifications before you decide to try for a vat refund since any mistake by you may be looked at with much 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 assistance offered by a capable vat consultant or agent.
Instead of attempting to pick up your vat skills coming from a book, it is possible to opt for vat courses that offer different levels of knowledge. You ought to compare your organization needs with the various courses offered by different institutions, including online ones before you make a decision. If 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 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 will at the very least have an idea about the functioning of the vat system and its implications.
The fees for such vat courses range from upwards of ?100 depending on the vat course which you choose and also the level of knowledge provided in this course. In case you import goods and services into the UK from other countries including eu countries then you may also go for courses that impart knowledge on customs and excise duties and also on import vat too. It’s also advisable to 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 much more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is usually preferable to be well prepared as well as your business before you adopt vat since standard vat rates are also poised to change at the beginning of 2011. Once you embrace vat, you will probably have 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 into the system of vat.