If you run a business in the United Kingdom and your sales turnover is poised to cross over ?70,000 during the past 12 months then you 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 have to know a lot more than simply what exactly is vat.
Once your vat registration may be approved and you receive your vat certificate, then you’ll need to file regular vat returns dependant upon the vat scheme that you’ve chosen. If you run a business http://vatcontrol.com 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 and also seeking vat refunds.
In case you import goods into the UK from any eu country that charges vat, where vat was already charged and paid in the country then you could be eligible for vat reclaim. However, it’s a good idea for you to be familiar with uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake by you could be looked at with much more than disdain from hmrc vat. When this occurs you should not only have some knowledge about vat but must also employ the assistance provided by a competent vat consultant or agent.
As opposed to attempting to pick up your vat skills coming from a book, it is possible to opt for vat courses that offer different levels of knowledge. You should compare your organization needs with the various courses offered by different institutions, including online ones before you make a decision. In the event you simply want basic knowledge then you can even opt for a 2 day course where you will likely be ingrained with basic vat rules including obtaining 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’ll at the very least have an idea about the functioning on 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 also the level of knowledge provided in that course. In the event you import services and goods to the UK from other countries including eu countries then you may also go for courses that impart knowledge on customs and excise duties and on import vat too. You should also know more about vat classifications, vat rates and vat exempt services and goods to enable you to charge applicable vat rates in your vat invoices. Additionally, you will be able to communicate a lot more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always better to be well prepared as well as your business before you adopt vat since standard vat rates are also 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 lower your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your business in the system of vat.