VAT Planning and Pitfalls

Speaker:  Gwen Ryder  |  CPD Hours: 6.0

Price £575 plus VAT

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OBJECTIVES

VAT is a tax on transactions, a ‘real time’ tax which is also very fact sensitive. Unlike other taxes, there is very little opportunity to look back over the past and ‘unpick’ a problem. VAT mistakes are costly for a business, and penalties for errors add to the cost. Most could be avoided by giving proper attention to detail before the transaction takes place. This course covers a very wide range of VAT subjects and examines the availability and possibility for planning, and the many areas where errors frequently occur.

Delegates will be able to pinpoint opportunities for VAT planning, and be able to reduce the scope for VAT errors in each area.

CONTENT

VAT liability (including recent and impending changes) – exempt, reduced rated, zero rated and outside the scope

Registration, deregistration and VAT groups

Transfers of going concerns

  • Conditions for VAT free treatment
  • Key points to include in contracts

Partial exemption

  • Taxable and exempt supplies- the very fine line between them
  • Standard methods and what not to include
  • Special methods and overrides
  • Payback and clawback and the interaction with the four year cap

The VAT option to tax

  • How to get it right, and when to apply
  • Effect on existing leases
  • Disapplications and the effect on input tax
  • Anti-avoidance measures

The VAT Capital Goods Scheme

Exports – strict conditions for zero rating

Intra-EU trade in goods

  • Conditions for zero rating sales
  • Triangulation
  • How to avoid having to register for VAT in another Member State

VAT schemes and what goes wrong

  • Second hand margin scheme
  • Flat rate
  • Cash accounting

International services

  • Conditions for not charging VAT
  • The reverse charge

Input tax

  • Holding correct evidence
  • “Blocked” input tax
  • The difference between staff entertainment and business entertainment

VAT returns

  • Correct completion and common errors
  • How to disclose errors
  • Penalties and how to avoid them

WHO SHOULD ATTEND

Anyone responsible for correct VAT management and planning in their business.

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