Course description
Overview
This one-day course provides a reminder of the fundamentals of UK value added tax, an update on recent developments and examples of typical problem areas and planning opportunities.
Many examples are used to show how the tax works and planning points are highlighted.
Who is this for?
This course will be of benefit to accountants and others who need an up-to-date knowledge of the main principles and rules of value added tax, but who do not require specialist knowledge. It will be particularly useful for those who have not dealt with value added tax for a few years but are moving back into the area and need a refresher.
What will you learn?
- The concept of Value Added Tax
- How and when a business needs to register for VAT
- What is meant by input tax, output tax, taxable supplies, tax invoices and other VAT terms
- VAT Return periods and when and how VAT is payable
- Input tax – areas of contention, including partial exemption
- Construction and property matters
- Moving goods and services a cross international boundaries after Brexit
- Special VAT schemes
- VAT Groups
- Administration and enforcement
Other related courses
Corporation Tax Refresher & Update
Essential Tax Update for the Accountant in Practice or Employment
Income Tax Refresher & Update
International VAT & Customs Duties after Brexit– an update
Payroll Refresher & Update
UK Taxation of Groups
Understanding Tax in Company Accounts
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Upcoming start dates
Suitability - Who should attend?
This course will be of benefit to accountants and others who need an up-to-date knowledge of the main principles and rules of value added tax, but who do not require specialist knowledge. It will be particularly useful for those who have not dealt with value added tax for a few years but are moving back into the area and need a refresher.
Outcome / Qualification etc.
Learning outcomes include obtaining a greater understanding of:
- The concept of Value Added Tax
- How and when a business needs to register for VAT
- What is meant by input tax, output tax, taxable supplies, tax invoices and other VAT terms
- Maximising the deduction of input tax
- The effect of exemption and partial exemption
- How common situations are treated for VAT purposes
- How to complete a VAT Return and when and how VAT is payable
- Correcting VAT errors
- Overseas matters
- Special VAT schemes
- Administration and enforcement