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VAT Part 1- An Introduction to UK VAT

WHO SHOULD ATTEND

Anyone who is completely new to VAT, or who needs a refresher and a thorough grounding on the basics of VAT.

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Learning Objectives

This course covers the basics of VAT and the key rules applicable to all businesses. The course is designed to offer delegates a thorough understanding of how VAT works, whether or not to charge VAT on a supply, what VAT can be reclaimed on costs, and how and when to complete VAT returns.

The course forms a good foundation for VAT Part 2 – An Introduction to Complex Aspects and New Developments.

Course Content

How VAT works

  • The theory of VAT
  • Inputs and outputs
  • Taxable supplies
  • Rates of tax
  • Zero rates, exemptions and outside the scope transactions
  • Business and non-business income

VAT registration

  • How and when to register
  • Penalties for late registration
  • Group and divisional registration

Supply

  • What is a supply of goods or services?
  • An introduction to “deemed” supplies
  • Hire purchase and conditional sale agreements
  • Second hand goods
  • The VAT fuel scale charge

Time of supply

  • When VAT becomes due to HMRC
  • Deposits and continuous supplies

Input tax

  • When VAT can be recovered
  • Evidence required
  • The effect of making exempt or non-business supplies
  • Non-recoverable input tax
  • Recovering VAT on staff expenses

Records and accounts

  • Requirements of a VAT invoice
  • Currency invoices
  • Retailers’ invoices and pro formas
  • Self billing
  • Credit and debit notes

VAT returns

  • How to complete them properly and avoid penalties
  • Annual, cash, and flat rate accounting schemes
  • How to disclose errors to HMRC
  • Penalties and interest charges for errors

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You may prefer an online course if you are looking for a flexible and cost-effective solution. Online courses allow you to study at your own pace, at a time that suits you.

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