Register 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 go over ?70,000 in the past Twelve months you then should sign up for VAT courses to learn more about vat rules. You’ll have to turn into a value added tax or vat registered trader plus in such a case you surely need to know much more than merely what exactly is vat.

When your vat registration may be approved and you receive your vat certificate, then you’ll need to file regular vat returns dependant upon the vat scheme that you’ve chosen. In the event you run a business in the United Kingdom then you’ll have to follow vat rules set up 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.

If you happen to import goods to the UK from any eu country that charges vat, where vat was already charged and paid in the country then you may be eligible for vat reclaim. However, it is best that you be familiar with uk vat and eu vat rules and latest notifications before you try for a vat refund since any mistake on your part could be looked upon with a lot more than disdain from hmrc vat. In such a case you must not only have a little understanding about vat but should also employ the assistance offered by a competent vat consultant or agent.

Instead of trying to pick up your vat skills from a book, you can easily go for vat courses that provide different levels of knowledge. You should 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 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 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 vary from upwards of ?100 depending on the vat course that you choose and also the level of knowledge provided in this 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 to enable you to charge applicable vat rates in your vat invoices. You will also 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 and 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 also have to file regular vat returns, while receiving vat refunds will help you reduce your business costs. It is imperative that you attend all related vat courses to seamlessly integrate your business in the system of vat.