Vat offers you a chance to pay taxes on goods and services in a transparent manner while also offering you a chance to claim back excess VAT paid, and you should get vat training to take complete advantage of vat. If you do not know what is vat then a short training course can help you learn about the basics of vat while advanced training modules could help you in case you need to reclaim large amounts of vat from various eu countries.
If you have sufficient knowledge on how to use a computer and access the internet then you can visit the eu website ec.europa.eu or if your business is based in the UK that has also adopted vat then you can visit hmrc.gov.uk. You can find a lot of useful information pertaining to vat at these websites. However, you might also get confused if you are new to the system of vat.
In such a case, it would make more sense to receive a little training on all aspects of vat from professionals that have years of experience and know all eu vat and uk vat rules in great detail. Since hmrc or Her Majesty’s Revenue and Customs that enforces vat in the UK can penalize you on mistakes committed by you, it is imperative that you at least understand all facets of vat that are related to your industry or business before you turn into a vat registered trader in the UK.
You can seek out vat training seminars or workshops organized by vat professionals that could teach you the basics or vat or could even turn you into an expert in vat, depending on the course that you choose. The course could last for only a few hours or could stretch for a couple of days depending on the level of knowledge that you wish to acquire. Some experts also hand out free books on vat along with free newsletters for a particular period once you sign up for training. In addition you might also receive refreshments such as tea, coffee and biscuits during the course of your training.
Your training course might provide you with knowledge on various facets of vat such as vat classifications of various goods and services, applying for vat registration, calculating vat rates, preparing vat invoices, filing of vat returns, and applying for vat reclaim or vat refunds. If you plan to import goods into the UK where vat has already been paid on the same in another eu country then this vat training could be very useful since vat refunds would enable you to lower your costs while improving the cash-flow of your business. Even if you do hire an efficient vat agent to handle all paperwork related to vat, it still makes good business sense to learn all that you can about vat so as to save the maximum amount of money while following all applicable vat rules without any problem.
If you are on the vat threshold of turning into a vat registered trader in the UK then you should first acquire all possible knowledge on vat accounting procedures so that you can seamlessly move your business into the system of vat. You should make it a point to get vat training to take complete advantage of vat so as to keep your business costs at optimum levels.