An In-depth Guide to VAT & Partial Exemption - Maximising Recovery & Avoiding Risk

Introduction

VAT registered businesses which also make exempt supplies (and/or which have non-business activities) cannot recover VAT on all their costs as input tax. Particular business sectors affected are land and property, insurance and finance, education, health and welfare, and charities.

This new virtual classroom seminar is aimed at those with a sound knowledge of general VAT, but who require a thorough and complete knowledge of the subject.

Presented by expert speaker Gwen Ryder, this comprehensive session will provide you with the tools needed to maximise VAT recovery in your particular business sector and avoid risk of errors. It will include case studies and a review of recent case law.

For those new to this area please see our introductory session VAT Partial Exemption, ‘Non-Business’ Activities & The VAT Capital Goods Scheme - An Essential Guide

What You Will Learn

This live and interactive session will cover the following:

• The detail of the exemptions within Schedule 9, VATA 1994 and the fine line between exemptions and taxable supplies
• General provisions relating to allowable input tax
• The standard method
• Values and use based calculations
• What to include in the numerator and the denominator
• Case law
• Use of previous year's recovery percentage - A good thing?
• Standard method override - When to use it?
• ‘Easements’ for newly registered businesses
• Special methods
• Applications and important points to include
• Sectors, headcount, square footage etc
• Fair and reasonable declarations and legal certainty
• Special method override
• De minimis limits
• What to do with VAT on ‘non-business’ costs
• Attribution of input tax (standard and special methods)
• Definition and case law
• Change of intention and use requirements
• Annual Adjustments
• ‘Out of country’ and ‘distortive’ supplies
• Records and accounts
• Imports of services and the reverse charge, including Skandia
• The VAT Capital Goods Scheme (CGS)
• Everything covered by the Scheme
• How the CGS works and how to make accurate calculations
• Danger of early disposals
• Traps surrounding the VAT anti-avoidance legislation and the Option To Tax

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.