Course description
Presented by leading VAT trainer Gwen Ryder, this live and interactive online course will provide certainty on the VAT treatment of both services supplied by law firms of all sizes and correct VAT recovery on costs and disbursements. You will be provided with sufficient information to carry out your own health checks to ensure correct VAT compliance in all aspects.
Assuming a reasonable grasp of the basic principles of VAT, this virtual classroom session will explore the scope of VAT within the UK, treatment of deposits and client monies, how to determine whether VAT should be charged to a client, HMRC guidance and case law on disbursements, administrative aspects, subsistence, travel and staff entertainment expenses, and much more.
Upcoming start dates
Outcome / Qualification etc.
Training Course Content
Introduction
This live broadcast session provides certainty on the VAT treatment of both services supplied by law firms of all sizes and correct VAT recovery on costs and disbursements.
You will be provided with sufficient information to carry out your own health checks to ensure correct VAT compliance in all aspects.
The session assumes a reasonable grasp of the basic principles of VAT.
What You Will Learn
This live and interactive session will cover the following:
Introduction
- Scope of VAT within the UK
Tax Points
- Time of supply - a ‘one-off’ or a ‘continuous supply of services'?
- Treatment of deposits and client monies
VAT on Fees - How to determine whether VAT should be charged to a client
- Commissions from third parties - possibly exempt?
- Special rules on payments to law firms
- International clients
- The VAT ‘General Rule’
- Place of ‘belonging’ - does it matter if the client is a business or an individual?
- Land-related services e.g. conveyance and administration of estates
- What is a disbursement for VAT purposes?
- HMRC specific guidance, agreements and case law
Costs and Input Tax
- Treatment of general expenses
- Disbursements - accounting options on VAT charges coming in
- Discretionary treatment of counsel's fees
- Special input tax rules for law firms
Administrative Aspects of VAT
- VAT invoices, format for UK and international services
- Credit and debit notes
- Relief for bad debts
Recovery of the Firm’s Input Tax
- Subsistence, travel and staff entertainment expenses
- Mobile phones provided to staff
- Gifts and salary enhancements
VAT Returns & the Payment of Tax
- Correct completion in accordance with HMRC guidance
- Correcting errors and which errors should be reported to HMRC separately
Expenses
MBL Seminars Limited
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