VAT: a general introduction

Benefits of attendingThis one-day course will help you:     

 
1. Understand the essentials, the scope and the complexity of VAT     

 
2. Understand and protect your legal position     

 
3. Be aware of the requirements of being VAT registered     

 
4. Avoid incurring penalties for failure to comply     

 
5. Complete the VAT return successfully     

 
6. Understand more fully how VAT affects your particular business     

 
7. Prepare for a VAT inspection     

 
Above all, this course will help you to gain confidence in dealing with VAT affairs in business.     

 
Programme1.

Getting to grips with VAT     

Liability to VAT

How VAT works

What is a supply?

VAT registration and de-registration

Group registration

Registration by divisions

Transfer of a going concern

Business and non-business

Where supplies take place

Imports and exports

Acquisitions and dispatches


2.Output tax (sales)     

Value for tax

The ‘VAT fraction’

Hire purchase

Conditional and credit sales

Second-hand goods

Business and private use of goods

Business, private motoring and the ‘Scale Charge’

Samples, gifts and loss of goods


3. Input tax (purchases)     

Basic rules of input tax and when it can and cannot be reclaimed

Exempt supplies and partial exemption

Evidence needed in order to claim input tax

Non-deductible input tax


4.Time of supply (tax point)     

General introduction

Basic and actual tax points

Deposits and continuous supplies

Special cases and change of tax rate


5. Records and accounts     

What is a ‘tax invoice’?

Invoicing in a foreign currency

Less detailed, pro forma, self-billed invoices and authenticated receipts

Method of transmission

Accounting for VAT

Retail schemes

6. Credits and debits     

Credit notes

Discounts which are contingent, unconditional and for prompt payment (settlement discount)

Bad debt relief


7. VAT returns and payment     

VAT returns

Completion – including boxes 2, 8 and 9 (EC trade)

Annual, cash and flat rate accounting

Payments and repayments

Estimated figures


8. A VAT inspection     

Reasons for a VAT inspection and what to expect

Penalties and interest

Disputes and appeals

Powers of HM Revenue & Customs


Previous delegates said...'George's knowledge of the subject was exceptional. I have great confidence in everything I have learnt today'.     

 
Clare Howell, Haydock Finance Ltd     

 
'Excellent course with good coverage of VAT matters'     

 
Kevin Eley, Taxation Assistant, Zuruch Employment Service Ltd