Accounting For Vat

Overview

Understand the legal requirement of VAT and obtain the necessary guidelines for the preparation of VAT returns.

Who should attend

Individuals in accounts and tax departments who need to understand how to account for VAT. It will also be beneficial to those who are likely to be involved in or are new to the process of completing VAT returns.

Course objectives

By the end of this course, you will be able to:

> Understand the impact of VAT on accounts production
> Know what the basic legal requirements are
> Gain an insight into common problems
> Successfully prepare VAT returns to avoid penalties

Course content

Overview of UK Tax System
> Background and key principles of VAT
> Taxable persons
> Taxable supply:
-standard rated
-zero-rated
-exempt
> Types of supply:
-goods
-services

Registration for VAT
> When and how to register for VAT
>What do to after de-registration
> Special registrations:
-VAT groups
-partnerships

Accounting for VAT
> Record-keeping requirements
> Basic areas
> Specialist areas:
-partial exemption
-other issues
> Handling EU transactions
> Common mistakes and how to avoid them

Preparing VAT Returns
> Annual accounting, cash accounting and payments on accounts
> Dealing with common adjustments and problems
> Avoiding errors
> Knowing the relevant penalties

Training Method
Participants will be asked to prepare a VAT return. This will give them the opportunity to apply the knowledge and techniques learnt.