In case you run a business in the United Kingdom and your sales turnover is poised to go over ?70,000 during the past 12 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 plus in such a case you surely need to know a lot more than simply what is vat.
Once your vat registration may be approved and you also receive your vat certificate, then you will need to file regular vat returns dependant upon the vat scheme that you’ve chosen. If you operate a business vatcontrol.com in the United Kingdom then you’ll need to follow vat rules set up 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 and also seeking 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 is best 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 could be looked upon with a lot more than disdain from hmrc vat. In such a case you should not just have some knowledge about vat but should also employ the assistance offered by a competent vat consultant or agent.
Instead of attempting to pick up your vat skills from a book, it is possible to opt for vat courses that provide different levels of knowledge. You should compare your organization needs with the various courses provided by different institutions, including online ones before you make up your mind. 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 applying for vat registration, calculation of vat, issuing vat invoices, filing vat returns, applying for vat refunds, etc. Although such courses may not go into the intricate specifics of vat, you will at least have an idea about the functioning of the vat system and its implications.
The fees for such vat courses range from well over ?100 depending on the vat course that you choose and also the amount of knowledge provided in this course. In the event 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. It’s also advisable to learn more about vat classifications, vat rates and vat exempt goods and services to enable you to charge applicable vat rates as part of your vat invoices. You will also have the capacity to communicate much more efficiently with the vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually preferable to prepare yourself as well as your business before you decide to adopt vat since standard vat rates are 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 help you reduce your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.