If you operate a business in the UK plus your sales turnover is poised to cross over ?70,000 during the past Twelve months you then should sign up for VAT courses to understand 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 a lot more than simply what exactly is vat.
Once your vat registration has been approved and you receive your vat certificate, then you’ll need to file regular vat returns depending on the vat scheme that you have chosen. In the event you operate a business http://vatcontrol.com in the United Kingdom then you will need to follow vat rules set up 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 was already charged and paid in the country then you could qualify for vat reclaim. However, it is best that you be familiar with uk vat and eu vat rules and latest notifications before you apply for a vat refund since any mistake on your part could be looked at 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 services provided 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 should compare your organization needs with all the various courses provided by different institutions, including online ones before you make a decision. 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, applying for vat refunds, etc. Although such courses may not enter the intricate details of vat, you will 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 based on the vat course that you choose and the amount of knowledge provided in that course. In the event you import services and goods to the UK from other countries including eu countries then you may also opt 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 goods and services so that you can charge applicable vat rates in your vat invoices. Additionally, you will have the capacity to communicate a lot more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is usually better to prepare yourself and your business before you decide to adopt vat since standard vat rates are also poised to change at the beginning of 2011. Once 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 essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.