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 sign up for VAT courses to understand more about vat rules. You’ll have to turn into a value added tax or vat registered trader and in such a case you surely have to know much more than merely what is vat.
Once your vat registration has been approved and you also receive your vat certificate, then you’ll have to file regular vat returns depending on the vat scheme that you have chosen. In the event you operate a business www.vatregistrationnumber.com in the United Kingdom then you’ll have 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.
In case you import goods into the UK from any eu country that charges vat, where vat has already been charged and paid in the country then you could be eligible for vat reclaim. However, it is best that you be familiar with uk vat and eu vat rules and latest notifications before you decide to apply for a vat refund since any mistake on your part could be looked upon with a lot more than disdain from hmrc vat. In such a case you must not just have a little understanding about vat but must also employ the services provided by a capable vat consultant or agent.
Instead of attempting to pick up your vat skills from a book, it is possible to opt for vat courses that offer different degrees of knowledge. You should compare your organization needs with all the various courses offered by different institutions, including online ones prior to making up your mind. In the event you simply want basic knowledge you may even choose a 2 day course where you will 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 might not go into the intricate specifics of vat, you will 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 vary from upwards of ?100 based on the vat course that you choose and also the amount of knowledge provided in that course. In case you import services and goods to the UK from other countries including eu countries then you could also go for courses that impart knowledge on customs and excise duties and on import vat too. It’s also advisable to know 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. You will also have the capacity to communicate a lot more efficiently with the 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 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 allow you to reduce your business costs. It is essential that you attend all related vat courses to seamlessly integrate your organization into the system of vat.