If you operate a business in the United Kingdom plus your sales turnover is poised to cross over ?70,000 in the past 12 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 this sort of case you surely have to know a lot more than merely what is vat.
When your vat registration has been approved and you also receive your vat certificate, then you will have to file regular vat returns dependant upon the vat scheme that you've chosen. In the event you run a business vat registration number 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 several vat online services including getting vat registration, filing vat returns as well as 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 be eligible for vat reclaim. However, it's a good idea for you to 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 at with a lot more than disdain from hmrc vat. When this occurs you must not only have a little understanding about vat but should also employ the services offered by a capable vat consultant or agent.
As opposed to attempting to pick up your vat skills 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 prior to making up your mind. In the event you just need basic knowledge then you can 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 may not enter the intricate specifics of vat, you'll at least have an idea on the functioning on the vat system as well as its implications.
The fees for such vat courses range from upwards of ?100 depending on the vat course that you choose and the amount of knowledge provided in that course. In the event you import services and goods into the UK from other countries including eu countries then you could also opt 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 services and goods to enable you to charge applicable vat rates as part of your vat invoices. Additionally, you will have the capacity to communicate much more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.
It is usually preferable to be well prepared as well as your business before you adopt vat since standard vat rates are also poised to change at the start of 2011. As soon as you embrace vat, you will probably need to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It really is essential that you attend all related vat courses to seamlessly integrate your business into the system of vat.