COURSE OBJECTIVES: This course covers the basics of VAT and many of the key rules applicable to all businesses. The course is designed to offer participants an thorough understanding of how VAT works, the registration process and how and when to complete VAT returns.
The course have been developed in conjunction with VAT in Detail Part 2 which covers the more complex aspects of VAT.
COURSE CONTENT
How VAT Works
- The theory of VAT
- Inputs and outputs
- Taxable supplies
- Rates of tax
- Zero rates, exemptions and outside the scope transactions
- Business and non-business
VAT Registration
- How and when to register
- Penalties for late registration
- Group and divisional registration
Supply
- What is a supply?
- The VAT fraction
- Hire purchase and conditional sale agreements
- Second hand goods
- Business and private use of goods
- The VAT fuel scale charge
Time of Supply
- When VAT becomes due to HMRC
- Deposits and continuous supplies
Input Tax
- When VAT can be recovered
- Evidence required
- The effect of making exempt or non-business supplies
- Non-recoverable input tax
- Recovering VAT on staff expenses
Records and Accounts
- Requirements of a VAT invoice
- Currency invoices
- Retailers'' invoices and pro formas
- Credit and debit notes
VAT Returns
- How to complete them properly and avoid penalties
- Annual, cash, and flat rate accounting schemes
- How to disclose errors to HMRC
- Penalties and interest charges for errors
- Civil evasion
- Mitigating penalties with a ''reasonable excuse''
WHO SHOULD ATTEND
Those needing a thorough grounding on the basics of VAT.
“Good standard, quality teaching, made it easier to grasp this topic, has given me more confidence to go back to work and take a hands on approach to this subject area.”
"The speaker''s explanations were knowledgeable and clear and she was open to questions which were always answered with patience."
"The speaker was an excellent trainer. Made the subject interesting, engaging and easy to understand - excellent in every way."
Would you like this course run in-house? Call us on 0207 566 8207 to find out more