Sign up for vat courses to educate yourself regarding vat rules

If you run a business in the United Kingdom and your sales turnover is poised to cross over ?70,000 in the past 12 months then you should sign up 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 is vat.

Once your vat registration has been approved and you receive your vat certificate, then you will have to file regular vat returns dependant upon the vat scheme that you have chosen. If you operate a business vat control in the UK then you’ll have to follow vat rules put in place by HM Revenue and Customs department or hmrc. The hmrc vat department also offers several vat online services including applying for vat registration, filing vat returns as well as seeking vat refunds.

If you happen to import goods into the UK from any eu country that charges vat, where vat was already charged and paid in the country then you may 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 apply for a vat refund since any mistake by you could be looked at with much more than disdain from hmrc vat. In such a case you should not just 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 from a book, it is possible to opt for vat courses that offer different degrees of knowledge. You should compare your business needs with the various courses provided by different institutions, including online ones prior to making a decision. In the event 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 may not enter the intricate details of vat, you’ll at the very least have an idea about the functioning of the vat system as well as its implications.

The fees for such vat courses range from upwards of ?100 depending on the vat course which you choose and the level 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 on import vat too. You should also know 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 have the capacity to communicate a lot more efficiently with the vat consultant and hmrc vat officers once you have sufficient knowledge on vat.

It is always better to be well prepared as well as your business before you adopt vat since standard vat rates are also poised to vary at the beginning of 2011. As soon as 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 is essential that you attend all related vat courses to seamlessly integrate your business in the system of vat.