If you run a business in the UK and your sales turnover is poised to cross over £70,000 in the past 12 months then you should register for VAT courses to learn more about vat rules. You will have to turn into a value added tax or vat registered trader and in such a case you surely need to know much more than simply what is vat.
Once your vat registration has been approved and you receive your vat certificate, then you will need to file regular vat returns depending on the vat scheme that you have chosen. If you run a business in the UK then you will need 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 and also applying for vat refunds.
In case you 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 could 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 try for a vat refund since any mistake on your part could be looked upon with much more than disdain from hmrc vat. In such a case you should not only have some knowledge about vat but should also employ the services provided by a capable vat consultant or agent.
Instead of trying to pick up your vat skills from a book, you can easily opt 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 before you make up your mind. If you simply want basic knowledge then you can 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, applying for vat refunds, etc. Although such courses might not go into the intricate details of vat, you will at least have an idea on the functioning of the vat system and its implications.
The fees for such vat courses range from upwards of £100 depending on the vat course that you choose and the level of knowledge provided in that course. In case you import goods and services 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 learn more about vat classifications, vat rates and vat exempt goods and services so that you can charge applicable vat rates in your vat invoices. You will also be able to communicate much more efficiently with your vat consultant and hmrc vat officers once you have sufficient knowledge on vat.
It is always better to prepare yourself 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 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 business into the system of vat.