An A to Z of VAT in One Day

Introduction

This is an intensive and wide-ranging one day VAT course. It is rapid fire, and not for the faint hearted. It is aimed at tax lawyers and accountants 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 management and compliance purposes, and to have an understanding of the relevant VAT legislation.

Participants will be able to:

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

What You Will Learn

This course will cover the following:

• The scope of VAT
• The difference between supplies of goods and services
• Deemed supplies
• What VAT is charged on, and what is zero rated, exempt or outside the scope of VAT
• Single and multiple supplies
• Valuation and consideration
• VAT registration and de-registration
• The place of supply of goods and services
• Business and private use of goods, motoring, the 'scale charge'
• Input Tax Recovery
• Exempt supplies and partial exemption
• Evidence needed in order to claim input tax
• Blocked input tax and business entertainment
• Tax Points
• Basic and actual tax points
• Deposits and continuous supplies
• Special cases and change of tax rate
• Invoices, Records & Accounts
• Full VAT invoice requirements
• Less detailed, pro-forma, self-billed invoices and authenticated receipts
• Credit notes
• Bad debt relief
• Special Schemes
• Cash accounting and flat rate
• Margin scheme supplies
• Retail schemes
• Records & Administration
• Completing the VAT return
• How to deal with VAT assessments and VAT visits
• Penalties and interest charges, and the error correction system
• Disputes, appeals, and the VAT and Duties Tribunal