If you operate a business in the UK 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 merely what exactly 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 depending on the vat scheme that you have chosen. If you run a business in the UK then you will need to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also provides www.vatvalidation.com several vat online services including getting vat registration, filing vat returns and also applying for vat refunds.
In case you import goods to the UK from any eu country that charges vat, where vat was already 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 try for a vat refund since any mistake on your part may be looked upon with a lot more than disdain from hmrc vat. When this occurs you must not only have some knowledge about vat but must also employ the assistance provided by a competent vat consultant or agent.
Instead of trying to pick up your vat skills coming from a book, it is possible to opt for vat courses that offer different degrees of knowledge. You should compare your organization needs with the various courses provided 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 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 specifics 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 vary from upwards of ?100 based on the vat course that you choose and the level of knowledge provided in this course. In case 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 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 be able 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 adopt vat since standard vat rates are also poised to vary at the beginning of 2011. As soon as you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It really is imperative that you attend all related vat courses to seamlessly integrate your organization in the system of vat.