VAT for Accounts Receivable – Output Tax Issues

Speaker:  Tim Buss  |  CPD Hours: 6.0

Price £575 plus VAT

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OBJECTIVES

VAT is a complex tax which has its own peculiar rules and logic. The concept of declaring the right amount of tax at the right time is fine in theory but difficult in practice. Staff responsible for sales ledgers or raising and posting sales invoices need detailed knowledge on the basic principles of VAT. Getting the liability or the timing of a transaction wrong can be costly in terms of penalties and by reducing the profit margin on the transaction concerned.

Typical questions and problems include:

  • is this invoice zero rated or exempt?
  • is VAT chargeable on sale of assets to staff?
  • this invoice is being issued to an overseas customer, is VAT chargeable?
  • is VAT chargeable on rent for company property?
  • when do we have to issue a VAT invoice?

The aim of this course is to guide delegates through a series of general topics and for them to gain an understanding or improve their knowledge of how VAT works as regards sales issues and accounting procedures. In addition to general points there will be time during the course for delegates to raise issues specific to a delegate’s individual circumstances.

VAT was introduced when the UK joined the EU but will remain following the UK’s exit. There will have to be changes to the VAT system, particularly relating to goods and services sold to customers in the EU. This course will consider the likely changes and how they will affect accounting systems.

CONTENT

  • When VAT must be charged, including VAT liability
  • Circumstances when there is no VAT chargeable including non business
  • When VAT must be accounted for
  • Valuation rules
  • Exports and EU sales
  • EU sales post Brexit
  • Invoicing procedures
  • Coding issues and completion of VAT return
  • Land and property issues
  • Mixed and single supplies
  • Issues for charities and not for profit organisations
  • VAT accounting schemes
  • Latest developments on Making Tax Digital

WHO SHOULD ATTEND

Anyone working in the sales accounting teams of large, medium or small enterprises who require a basic knowledge, overview or refresher of VAT theory and procedures. The course is suitable for delegates with no or limited prior knowledge but also for those who require a refresher.

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