If you run a business in the UK plus your sales turnover is poised to cross over ?70,000 in the past 12 months you then should register 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 need to know much more than merely what exactly is vat.
Once your vat registration has been 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 operate a business 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 provides http://vatvalidation.com several vat online services including applying for 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 familiar with 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 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 assistance offered by a capable vat consultant or agent.
As opposed to attempting to pick up your vat skills from a book, you can easily opt for vat courses that offer different levels of knowledge. You should compare your business needs with all the various courses offered by different institutions, including online ones before you make up your mind. In the event 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, obtaining vat refunds, etc. Although such courses might not go into the intricate details of vat, you’ll at least have an idea on the functioning of 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 also the level of knowledge provided in this 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 also on import vat too. It’s also advisable to 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. You will also be able to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually better to be well prepared 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 need to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.