Register for vat courses to learn more about vat rules

In case you run a business in the UK and your sales turnover is poised to cross over ?70,000 in the past Twelve months you then should register for VAT courses to learn more about vat rules. You’ll have to turn into a value added tax or vat registered trader and in such a case you surely have to know much more than simply what exactly is vat.

Once your vat registration has been approved and you also receive your vat certificate, then you’ll have to file regular vat returns depending on the vat scheme that you have chosen. If you run a business vatcontrol.com in the United Kingdom then you’ll need 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 applying for vat registration, filing vat returns and also applying for vat refunds.

If you happen to import goods into 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’s a good idea that you 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 could be looked at with a lot more than disdain from hmrc vat. In such a case you should not just have some knowledge about vat but should also employ the assistance offered by a capable vat consultant or agent.

Instead of attempting to pick up your vat skills from a book, you can easily opt for vat courses that offer different levels of knowledge. You ought to compare your business needs with the various courses provided by different institutions, including online ones before you make a decision. In the event you just need basic knowledge you may even opt for 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, obtaining vat refunds, etc. Although such courses may not go into the intricate details of vat, you’ll at the very least have an idea about the functioning of the vat system and its implications.

The fees for such vat courses vary from upwards of ?100 depending on the vat course that you choose and the amount of knowledge provided in this course. In case you import services and goods to the UK from other countries including eu countries then you may also opt for courses that impart knowledge on customs and excise duties and on import vat too. It’s also advisable to know 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 have the capacity to communicate a lot more efficiently with your vat consultant and hmrc vat officers when you have sufficient knowledge on vat.

It is always preferable to be well prepared as well as your business before you decide to adopt vat since standard vat rates are 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 help you lower your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your organization into the system of vat.