In case you operate a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 in the past Twelve months you then should register for VAT courses to learn more about vat rules. You will 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 may be approved and you also receive your vat certificate, then you will have to file regular vat returns depending on the vat scheme that you have chosen. If you run a business in the United Kingdom then you will have to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also provides vatvalidation.com several vat online services including applying for vat registration, filing vat returns as well as applying for 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 the country then you may qualify 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 by you may be looked upon with a lot more than disdain from hmrc vat. In such a case you should not just 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, you can easily opt for vat courses that provide different levels of knowledge. You should compare your business needs with the various courses provided by different institutions, including online ones before you make up your mind. In the event you just need 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, obtaining vat refunds, etc. Although such courses might not enter the intricate details of vat, you will at least have an idea about the functioning on the vat system and its implications.
The fees for such vat courses range from upwards of ?100 based on the vat course which you choose and the level of knowledge provided in that course. In the event you import goods and services to the UK from other countries including eu countries then you could also opt 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 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 once you have sufficient knowledge on vat.
It is always better to prepare yourself and your business before you decide to adopt vat since standard vat rates are poised to change at the start of 2011. Once you embrace vat, you will also need to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It really is imperative that you attend all related vat courses to seamlessly integrate your organization into the system of vat.