In case you run a business in the United Kingdom and your sales turnover is poised to go over ?70,000 during the past Twelve months you then should register for VAT courses to learn more about vat rules. You’ll have to turn into a value added tax or vat registered trader plus in this sort of case you surely need to know a lot more than simply what is vat.
When 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.vatcontrol.com in the United Kingdom then you will have to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also provides several vat online services including getting vat registration, filing vat returns and also seeking vat refunds.
If you happen to import goods into the UK from any eu country that charges vat, where vat was already charged and paid in that country then you could be eligible for vat reclaim. However, it is best that you be aware of uk vat and eu vat rules and latest notifications before you apply for a vat refund since any mistake by you may 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 offered by a capable vat consultant or agent.
Instead of 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 the various courses offered by different institutions, including online ones before you make a decision. In the event you just need basic knowledge then you can even choose 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, obtaining vat refunds, etc. Although such courses might not enter the intricate details 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 the amount of knowledge provided in that course. In the event 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 on import vat too. It’s also advisable to learn more about vat classifications, vat rates and vat exempt goods and services so that you can charge applicable vat rates in 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 always better to prepare yourself as well as your business before you adopt vat since standard vat rates are also poised to vary at the beginning of 2011. As soon as you embrace vat, you will probably have to file regular vat returns, while receiving vat refunds will allow you to 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.