If you run a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 in the past Twelve months you then 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 and in this sort of case you surely need to know a lot more than simply what is vat.
When your vat registration has been approved and you also receive your vat certificate, then you will have to file regular vat returns depending on the vat scheme that you’ve chosen. If you operate a business vatregistrationnumber in the United Kingdom then you’ll need to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including applying for vat registration, filing vat returns as well as 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 be eligible for vat reclaim. However, it’s a good idea 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 could be looked at with a lot more than disdain from hmrc vat. When this occurs you must not only have some knowledge about vat but should also employ the assistance offered by a competent vat consultant or agent.
As opposed to trying to pick up your vat skills from a book, you can easily go for vat courses that offer different levels of knowledge. You ought to compare your business needs with all the various courses offered by different institutions, including online ones prior to making a decision. If you just need 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, obtaining vat refunds, etc. Although such courses might not enter the intricate specifics of vat, you will at the very least have an idea about 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 which you choose and the amount of knowledge provided in that course. In case you import goods and services into 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 services and goods to enable you to charge applicable vat rates as part of your vat invoices. Additionally, you will have the capacity to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is always better to prepare yourself as well as 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 have to file regular vat returns, while receiving vat refunds will help you reduce your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your business in the system of vat.