In case you run a business in the UK and your sales turnover is poised to go over ?70,000 during the past Twelve 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 plus in such a case you surely need to know a lot more than merely what exactly is vat.
Once your vat registration has been approved and you receive your vat certificate, then you will need to file regular vat returns dependant upon the vat scheme that you have chosen. In the event you run a business www.vatregistrationnumber.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 as well as applying for 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 may be eligible for vat reclaim. However, it’s a good idea that you 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 upon with much more than disdain from hmrc vat. When this occurs you should not only have some knowledge about vat but should also employ the assistance provided by a competent 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 ought to 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 just need 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, obtaining vat refunds, etc. Although such courses might not enter the intricate specifics of vat, you’ll at least have an idea about the functioning of the vat system as well as its implications.
The fees for such vat courses range from well over ?100 depending on the vat course that you choose and the amount of knowledge provided in this course. In the event you import goods and services 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 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. Additionally, you will have the capacity to communicate a lot more efficiently with the vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is always preferable to prepare yourself as well as your business before you adopt vat since standard vat rates are also poised to vary at the start of 2011. As soon as you embrace vat, you will also need 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.