In case you operate a business in the United Kingdom and your sales turnover is poised to go over ?70,000 in the past 12 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 plus in this sort of case you surely have to know much more than merely what exactly is vat.
When your vat registration has been 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 offers http://vatvalidation.com several vat online services including getting vat registration, filing vat returns as well as seeking vat refunds.
In case you import goods into the UK from any eu country that charges vat, where vat has already been charged and paid in the country then you could be eligible 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 apply for a vat refund since any mistake by you could be looked upon with much more than disdain from hmrc vat. When this occurs you should not just have some knowledge about vat but must 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, you can easily go for vat courses that offer different degrees of knowledge. You ought to compare your business needs with the various courses offered by different institutions, including online ones prior to making up your mind. If you just need basic knowledge you may 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, applying for vat refunds, etc. Although such courses might not enter the intricate specifics of vat, you’ll at the very least have an idea on the functioning on the vat system as well as its implications.
The fees for such vat courses range from well over ?100 based on the vat course which you choose and also the amount of knowledge provided in this course. In the event you import goods and services to the UK from other countries including eu countries then you could 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 services and goods so that you can 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 once you have sufficient knowledge on vat.
It is usually better to prepare yourself as well as your business before you adopt vat since standard vat rates are also poised to change at the beginning of 2011. Once you embrace vat, you will probably need to file regular vat returns, while receiving vat refunds will help you lower your business costs. It really is imperative that you attend all related vat courses to seamlessly integrate your business into the system of vat.