COURSE OBJECTIVES: This course provides a basic introduction to how VAT affects the financial sector. It is not intended to go into any great detail on the issues covered, but offer a broad overview of all the key areas, planning points and common pitfalls.
Following this course delegates may progress to the more detailed courses VAT in Banking and VAT in Insurance.
COURSE CONTENT
- How VAT works - a refresher
- The VAT exemptions for insurance and financial services
- How the VAT exemption restricts recovery of VAT on costs
- The VAT return of a financial services organisation - what goes in the boxes and where does it come from?
- An overview of the international services rules, which may benefit an organisations VAT recovery
- An overview of the partial exemption system and practical exercises to illustrate the standard method and a typical special method of reclaiming VAT on costs
- Practical points on dealing with HMRC - how to avoid disputes and what you can do to limit the risk of error
- An overview of some common pitfalls and planning points
- The EU Commission's review of VAT and financial services - possible future changes?
WHO SHOULD ATTEND
This course is suitable for those who have little or no experience of VAT and limited knowledge of banking and insurance. The course will be suitable for those who have just joined a financial services organisation, those already within one who are taking on VAT responsibilities or those responsible for reviewing VAT return preparation. Others whose work is mainly on other taxes or finance may benefit from raising their awareness of VAT issues and how these may interact with their work.
"Excellent intro to VAT in Financial Services, revising some of the basics along the way. Good to use numeric examples to confirm understanding."
Would you like this course run in-house? Call us on 0207 566 8207 to find out more