VAT for Academies

Speaker:  Gwen Ryder  |  CPD Hours: 6.0

Price £575 plus VAT

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OBJECTIVES

This course offers a detailed insight into VAT as it applies to VAT registered Academies including Multi Academy Trusts. Delegates will gain a firm understanding of how they should approach VAT, determine the VAT liability of non-grant income, deal with partial exemption, and complete VAT returns correctly.

CONTENT

The VAT status of academies

  • Grant funding and the importance of ”business” and ”non-business’ ‘activities for VAT purposes and its effect on VAT recovery
  • Allocating costs correctly
  • Taking advantage of various zero and reduced rates available on purchases because of status

Treating business income correctly-taxable or exempt?

  • Supplies to other educational institutions
  • Uniforms and photos
  • What goods and services are ‘incidental’ to education (and what are not)
  • Grants, sponsorship and donations-really outside the scope?
  • Catering for staff and visitors
  • School trips

Land and property issues

  • VAT zero rates for new construction and annexes
  • Letting or leasing academy land, buildings and facilities
  • The VAT option to tax
  • The VAT Capital Goods Scheme

Partial exemption

  • How to determine whether VAT recovery should be restricted
  • Direct attribution of VAT on costs
  • Recovery of ‘non business’ input tax
  • Standard and special partial exemption methods for business supplies

VAT recovery and VAT returns

  • Evidence needed to claim VAT
  • Blocked input tax – VAT which can never be claimed
  • How to complete a VAT return correctly, and common errors
  • Penalties for non-compliance

WHO SHOULD ATTEND

This course is designed for those responsible for VAT compliance in their Academy and their advisers and who need to ensure that this is correct in all aspects. Some basic VAT knowledge is assumed.

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