ありがとう or ありがとうございます
I tell my students to say ありがとうございます to their teachers.
I remind them of saying ありがとうございます whenever they say ありがとう to me.
I believe "thank you"should not be translated as ありがとう because perception of these two phrases are completely different for me.
In English, I do not mind someone says "Thank you", "Thanks" or "Thank you very much." There are no difference among the three.
I found an interesting video (Rakugo) that introduces many phrases in Japanese to express their appreciation. Enjoy!!
ありがとうございます!