VAT for Accounts Payable – Input Tax Issues

Speaker:  Tim Buss  |  CPD Hours: 6.0

Price £545 plus VAT

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OBJECTIVES

  • Has VAT been charged correctly on this invoice?
  • Is this document sufficient to enable VAT to be recovered?
  • When can a VAT charge be claimed?
  • Can VAT be claimed on staff lunches?
  • This hotel invoice is addressed to a member of staff – can I claim the VAT?
  • Can VAT be claimed on an invoice for catering at directors’ meeting?
  • What is meant by reverse charge?
  • VAT has been charged by an overseas supplier, can I claim it?

If these are typical questions arising in your Accounts Payable department then this is the course for you or your staff.

The aim of the course is to guide delegates through the complex VAT rules relating to the recovery of input tax. At the end of this course delegates will be able to review typical invoices and state whether or not VAT can be recovered. It will also enable delegates to realise when additional information is required and to make decisions regarding input tax recovery. As VAT is a transaction tax and not a tax on profits not claiming all the VAT a business is entitled to can have a dramatic effect on profit margins. Claiming VAT incorrectly can lead to penalties and interest being charged.

VAT was introduced when the UK joined the EU but having become a worldwide tax VAT will remain following Brexit. There are likely to be changes particularly, affecting goods and services purchased from EU countries, and this course will consider likely changes to VAT rules.

CONTENT

  • What VAT is chargeable on
  • Evidence needed to recover VAT
  • When VAT can be claimed
  • VAT coding issues
  • Non recoverable VAT
  • Imports and acquisitions
  • Services from overseas and reverse charges
  • Specific staff expenses and costs
  • Effect of partial exemption
  • Possible changes post Brexit
  • Relevant changes in HMRC practice and policy
  • Latest developments on Making Tax Digital

 

WHO SHOULD ATTEND

Staff employed in the Accounts Payable teams of large, medium and small enterprises and who are responsible for checking and posting purchase invoices and/or staff expense claims. The course is suitable for staff with no or limited prior knowledge of VAT and for staff with prior knowledge who require a refresher or update.

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