Getting to Grips with VAT - An A to Z Guide

Introduction

In these turbulent times, there is increasing pressure on staff to take on additional VAT roles and responsibilities without previous experience. Others may be aware of the need to enhance existing skills in preparation for new roles, or to widen the opportunities available to them in the future.

This introductory level virtual classroom seminar is an intensive and wide-ranging VAT training session. It is aimed at lawyers, accountants, and business owners and managers who need to get up to speed with VAT very quickly. The course covers all the important areas of VAT necessary to have a practical understanding of the tax for correct advisory, management and compliance purposes.

At the end of the session, participants will be able to:

• Understand the scope and the essential features of VAT, including the legal aspects, and how VAT affects their own business, or their client's business
• Avoid incurring penalties for failure to comply
• Deal more confidently with VAT matters

What You Will Learn

This live and interactive session will cover the following:

Fundamentals

• The scope of VAT
• What VAT is charged on, and what is 5%, zero rated, exempt or outside the scope of VAT
• Single and multiple supplies
• Valuation and consideration
• VAT registration and de-registration
• Non-supplies and transfers of going concerns
• VAT Groups- the basics

Tax Points - When VAT Should be Accounted For

• Basic and actual tax points
• Deposits and continuous supplies
• Anti-avoidance accommodation tax points

Input Tax - When and How to Claim Properly

• VAT invoice requirements-full, less detailed and proformas etc.
• Credit notes
• Bad debt relief
• The impact of partial exemption, and ‘non business’ activities
• Blocked input tax and business entertainment

Special Schemes

• Cash accounting and flat rate
• Margin scheme supplies
• Retail schemes
• Tour operators margin scheme

Records & Administration

• Completing the VAT return
• Penalties and interest charges, and the error correction system

International Trade in Goods

• Place of supply
• Imports, exports and intra EU trade post Brexit
• Triangulation and chain transactions

International Services

• General rule
• Exceptions to the general rule
• Special rule for specified supplies
• The effective use and enjoyment shift
• The Mini One Stop Shop (MOSS)
• Recovering VAT charged in EU and non-EU countries
• The reverse charge

Land and Property Issues

• Commercial property and the VAT option to tax
• Disapplication and anti-avoidance measures
• The VAT capital goods scheme

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.