If you run a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 during the past 12 months you then 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 plus in such a case you surely have to know a lot more than simply what exactly is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you will have to file regular vat returns dependant upon the vat scheme that you have chosen. In the event you run a business vatregistrationnumber.com 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 offers several vat online services including applying for 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 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 apply for a vat refund since any mistake on your part could 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 capable vat consultant or agent.
As opposed to attempting to pick up your vat skills from a book, it is possible to opt 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 before you make a decision. If you just need basic knowledge you may 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 might not enter the intricate specifics of vat, you will at least have an idea about the functioning on the vat system as well as its implications.
The fees for such vat courses range from upwards of ?100 based on the vat course which you choose and 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. You should also learn more about vat classifications, vat rates and vat exempt goods and services so that you can 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 usually preferable to prepare yourself as well as your business before you decide to adopt vat since standard vat rates are also poised to vary 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 lower your business costs. It really is imperative that you attend all related vat courses to seamlessly integrate your business in the system of vat.