In case you run a business in the United Kingdom and your sales turnover is poised to cross over ?70,000 in the past Twelve months then you should sign up for VAT courses to understand more about vat rules. You will have to turn into a value added tax or vat registered trader and in such a case you surely have to know a lot more than merely what exactly is vat.
When your vat registration has been 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 in the UK then you will have 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 getting vat registration, filing vat returns as well as seeking vat refunds.
If you happen to import goods to the UK from any eu country that charges vat, where vat has already been 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 apply for a vat refund since any mistake by you could be looked upon with a lot more than disdain from hmrc vat. When this occurs you must not just have a little understanding about vat but should also employ the assistance provided by a competent vat consultant or agent.
Instead of trying to pick up your vat skills from a book, it is possible to go for vat courses that offer different levels of knowledge. You ought to 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 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 details of vat, you’ll at the very least have an idea on the functioning on the vat system as well as its implications.
The fees for such vat courses vary from well over ?100 depending on the vat course which you choose and also 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. 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. Additionally, you will be able to communicate a lot more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always preferable to be well prepared and your business before you decide to adopt vat since standard vat rates are poised to change at the start of 2011. As soon as you embrace vat, you will probably 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 organization in the system of vat.