In case you run a business in the UK plus your sales turnover is poised to cross over ?70,000 in the past Twelve months then you should register for VAT courses to understand 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 have to know a lot more than simply what exactly is vat.
Once 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've chosen. In the event you run a business vatcontrol.com in the UK then you'll need to follow vat rules set up by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including getting vat registration, filing vat returns and also seeking vat refunds.
In case you 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 qualify for vat reclaim. However, it's a good idea for you to be aware of uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake by you may be looked upon with much 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 capable vat consultant or agent.
As opposed to trying to pick up your vat skills coming from a book, it is possible to opt for vat courses that offer 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 choose a 2 day course where you will likely be ingrained with basic vat rules including applying for 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 about the functioning on the vat system as well as its implications.
The fees for such vat courses vary from well over ?100 based on the vat course which you choose and the amount of knowledge provided in this course. In case 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 also on import vat too. It's also advisable to 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 your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is always preferable to be well prepared 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 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.