If you run a business in the UK plus your sales turnover is poised to cross over ?70,000 during the past 12 months then you should sign up 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 have to know much more than simply what exactly is vat.
Once your vat registration may be approved and you also receive your vat certificate, then you will need to file regular vat returns depending on the vat scheme that you have chosen. In the event you operate a business in the UK then you will need 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 applying for vat refunds.
If you happen to import goods into the UK from any eu country that charges vat, where vat has already been charged and paid in that 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 apply for a vat refund since any mistake on your part may be looked upon with a lot more than disdain from hmrc vat. When this occurs you must not only have a little understanding about vat but must also employ the services provided by a competent vat consultant or agent.
Instead of attempting to pick up your vat skills coming from a book, you can easily go for vat courses that provide different levels of knowledge. You ought to compare your organization needs with all the various courses provided by different institutions, including online ones before you make a decision. If you just need basic knowledge you may even opt for 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 enter the intricate details of vat, you'll at the very least have an idea on 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 which you choose and the level of knowledge provided in this course. In case 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 also 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. You will also have the capacity to communicate a lot more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is usually preferable to prepare yourself as well as your business before you decide to adopt vat since standard vat rates are also poised to change 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 lower your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your business into the system of vat.