Register for vat courses to educate yourself regarding vat rules

In case you operate a business in the United Kingdom and your sales turnover is poised to go over ?70,000 during the past Twelve months you then 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 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’ll have to file regular vat returns depending on the vat scheme that you have chosen. In the event you run a business in the United Kingdom then you will need 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 applying for 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 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 decide to apply for a vat refund since any mistake on your part may be looked upon with a lot more than disdain from hmrc vat. In such a case you must not just have some knowledge about vat but should also employ the assistance provided by a competent vat consultant or agent.

As opposed to trying to pick up your vat skills coming from a book, you can easily opt for vat courses that offer different degrees of knowledge. You should compare your business needs with all the various courses provided by different institutions, including online ones prior to making a decision. In the event you simply want basic knowledge then you can even choose 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, obtaining vat refunds, etc. Although such courses may not enter 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 based on the vat course that you choose and also the amount of knowledge provided in this course. In case 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. It’s also advisable to know 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 a lot more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.

It is usually better to be well prepared as well as your business before you decide to adopt vat since standard vat rates are poised to change at the start of 2011. As soon as you embrace vat, you will also have to file regular vat returns, while receiving vat refunds will allow you to reduce your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your business in the system of vat.