Vat for Accounts Payable And Purchase Ledger Staff

Course review:

Accounts payable and purchase ledger staff are key to claiming the right amount of VAT in any business. The course includes practical 'in tray' exercises and case studies during which attendees will analyse invoices dealing with all the points covered.

Programme

Basic principles - How VAT works - What is standard rated, zero rated and exempt

Evidence needed to reclaim VAT

Full VAT invoices VAT numbers and how to check them Retailer’s receipts and till rolls

How to process invoices for goods from inside and outside the EU

Circumstances in which no invoice is needed

Pro forma invoices and requests for payment

Invoices addressed to employees

What to do about copy and emailed invoices

Credit and procurement card statements

When VAT can be claimed

Tax points The effect of deposits

Payment with no invoice What to do about mistakes-the new error disclosure rules

How much VAT to reclaim

Purchase VAT which is never reclaimable

The effect of partial exemption and 'non business' activities Discounts

Specific Expenses

Claiming back foreign VAT

Directors'/employees’ expenses and subsistence Employees resident abroad

Motor cars, motor car accessories and fuel

Business entertainment and business promotions Staff catering and staff parties

The 'reverse charge' on services from abroad

Land and buildings.