VAT for Accounts Receivable

To gain an understanding as to how VAT works and the procedures for accounting for VAT on transactions. As well as enabling attendees to gain an understanding of the general points, there will be time in the course for issues specific to individual participant's circumstances to be addressed.

Course Content:

When VAT Must Be Charged

• Using the VAT law
• Zero rating and exemption
• Outside the scope income - donations and compensation

When VAT Must Be Accounted For

• Tax points
• Exports and EU sales
• Sale or return
• Bad debt relief
• Supplies to staff

How Much VAT is Payable

• Working out the value for VAT
• Mixed and composite transactions
• Part exchange transactions

Invoicing Procedures

• VAT invoices
• Electronic invoicing
• Discounts
• Credit and debit notes

VAT Accounting Schemes

• Retail schemes
• Cash accounting
• Margin schemes