In case you operate a business in the United Kingdom and your sales turnover is poised to cross over ?70,000 in the past 12 months you then should sign up for VAT courses to learn more about vat rules. You will 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 receive your vat certificate, then you'll have to file regular vat returns dependant upon the vat scheme that you have chosen. If you operate a business vatregistrationnumber.com in the United Kingdom then you will need to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also provides several vat online services including applying for vat registration, filing vat returns and also applying for vat refunds.
In case you import goods to the UK from any eu country that charges vat, where vat was already charged and paid in that country then you could qualify 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 at with much more than disdain from hmrc vat. In such a case you must not just have some knowledge about vat but should also employ the services provided by a capable vat consultant or agent.
Instead of trying to pick up your vat skills coming from a book, it is possible to go 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 just need 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 enter the intricate details of vat, you will at the very least have an idea on the functioning of the vat system and its implications.
The fees for such vat courses vary from well over ?100 depending on the vat course that you choose and 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 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 services and goods to enable you to charge applicable vat rates in your vat invoices. You will also have the capacity to communicate much 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 adopt vat since standard vat rates are poised to change at the beginning 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.