The Essentials of VAT

This extremely popular seminar has been very carefully designed to deliver, in just one day, all the essential aspects of VAT that anyone working in a busy accounts department simply has to know. It is prepared and presented by experts in VAT and has been attended by many thousands of people, making it a market leader in the UK.

This seminar will help people who are involved in the preparation and maintenance of records for VAT purposes. It will help them understand

• the principles and implications of VAT;
• the importance of keeping proper records to collect the necessary information to complete VAT returns correctly;
• the rules and regulations of VAT;
• the procedures and controls to be applied to ensure the timely submission of complete and accurate returns;
• the powers of the Revenue and Customs; and
• the penalties which they can apply if VAT returns are incomplete or inaccurate, or submitted late.

The course answers the following questions in detail:

• What is VAT? Output VAT? Input VAT?
• What is a Taxable Supply? A Taxable Person?
• Which supplies are Zero Rated? Reduced Rated? Exempt?
• Why is the place of supply so important?
• What are the rules relating to motor cars?
• Under what circumstances can you recover VAT on entertainment expenses? Subsistence expenses?
• Should we account for VAT on Samples? Gifts?
• What is a Basic Tax Point? An Actual Tax Point?
• What are the ramifications of Proforma Invoices? Credit Notes? Self Billing? Discounts? Bad Debts? Non-payment of suppliers' invoices?
• How do you calculate the amount of input VAT you can reclaim if Partial Exemption applies?
• What are the implications of International Trade?
• How do you avoid Default Interest? Default Surcharges? Misdeclaration Penalties? Civil Evasion Penalties?