COURSE OBJECTIVES: This course covers those aspects of VAT specific to the insurance industry, with an emphasis on avoiding pitfalls and mitigation techniques with reference to decided cases. A prior knowledge of the topics covered in VAT in Financial Services is assumed.
COURSE CONTENT
How VAT Affects Insurance Transactions
- A review of the key issues
- Basic compliance issues
- Basic VAT planning
The Exemption for Insurance Transactions
- UK insurance premiums and commission
- Transactions which are not exempt
- Intermediaries
- The problems of outsourcing
- Investment and other income
International Services
- Exempt premiums
- 'Outside the scope' premiums
- The effects on VAT recovery
- Intermediaries
- Imports and exports or good and services
- The 'reverse charge' - pitfalls and planning
- Intra EU goods and services
- Branch and subsidiary issues
Partial Exemption
- The basic principles
- Direct attribution
- Special methods of apportionment
Dealing with HMRC
- Specific compliance issues for insurance
- Planning points
- Risk areas and golden rules
- The new penalty regime and how to avoid it
WHO SHOULD ATTEND
This course is suitable for those who are responsible for preparing VAT returns who wish to update their knowledge. The course builds on the basics covered in the Introduction to VAT in Financial Services couse. The course is also suitable for those whose main work is with other taxes or finance but who have to review VAT returns or who wish to raise their awareness of VAT pitfalls and planning points.
"Very clear, practical explanation of key points."
Would you like this course run in-house? Call us on 0207 566 8207 to find out more