Register for vat courses to educate yourself regarding vat rules

In case you operate a business in the UK and 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’ll 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 merely what is vat.

When 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’ve chosen. If you run a business vatcontrol in the United Kingdom 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 getting vat registration, filing vat returns as well as seeking vat refunds.

In case you import goods to the UK from any eu country that charges vat, where vat has already been charged and paid in that country then you may be eligible 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 on your part may be looked at with much more than disdain from hmrc vat. In such a case you must not only have some knowledge about vat but must also employ the assistance provided by a capable vat consultant or agent.

As opposed to trying to pick up your vat skills coming from a book, you can easily go for vat courses that provide different levels of knowledge. You should compare your organization 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 you may even opt for a 2 day course where you will likely be ingrained with basic vat rules including obtaining vat registration, calculation of vat, issuing vat invoices, filing vat returns, obtaining vat refunds, etc. Although such courses might not go into the intricate specifics of vat, you will at least have an idea on the functioning on the vat system and its implications.

The fees for such vat courses vary from well over ?100 depending on the vat course which you choose and also the amount of knowledge provided in that course. In the event 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 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 as part of your vat invoices. You will also be able to communicate much more efficiently with the vat consultant and hmrc vat officers when you have sufficient knowledge on vat.

It is always preferable to be well prepared and your business before you adopt vat since standard vat rates are also poised to change at the start of 2011. Once you embrace vat, you will probably have 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.