COURSE OBJECTIVES: This course will explain the key VAT rules applicable to banking organisations. The course will look at the EU and UK VAT legislation applicable to finance and explain practical compliance issues and VAT mitigation techniques with reference to actual cases.
A prior knowledge of the topics covered in VAT in Financial Services is assumed.
COURSE CONTENT
How VAT Affects Banks
- A review of the key issues and concerns
- Basic compliance issues
- Basic VAT planning for banks
The Exemption for Financial Transactions
- A full explanation of what is exempt and what is not
- Dealings in money and money transfers
- Lending and interest
- Foreign exchange issues
- Investment management
- Outsourced services
International Services
- The place of supply rules
- Schedule 5 services
- Transactions carrying the right to input tax recovery
- The 'reverse charge' and how it creates input tax which may or may not be recoverable
- Imports and exports of good and Intra EU transactions
- Branch and subsidiary rules
- Global procurement issues
Partial Exemption
- The basic principles
- The standard and special methods
- Pitfalls and planning
Dealing with HMRC
- Compliance
- Planning
- Risk areas amd golden rules
- The new penalty regime and how to avoid it
WHO SHOULD ATTEND
This course will be suitable for those preparing VAT returns. It may also be 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 and how these may interact with their own work.
"I thoroughly enjoyed the course and the speaker's presentation style. His practical advice has been most useful."
Would you like this course run in-house? Call us on 0207 566 8207 to find out more