VAT for Accounting Staff
Addressing the issues faced by accounts assistants, management accountants and other members of staff involved with processing transactions
Course Content;
Overview
Overview of the EU system of VAT
VAT in the supply chain
Income and Output VAT
How the correct VAT treatment is determined
UK statute: The VAT Act 1994
Supplies at the zero rate, reduced rate and exempt
Composite supplies (at more than one VAT rate)
Supplies to, or via, agents
Recharges, passed on costs and disbursements
Supplies to customers overseas
The EU VAT system
VAT and Brexit
Supplies to customers in other EU Member States
The VIES (VAT Information Exchange System)
Supplier due diligence and documentary evidence
Supplies of goods to customers outside of the EU
Supplies of services to customers overseas
The 'general rules' for services
Overrides to the general rules
Reporting EU trade
The EC Sales List
Intrastat
Expenditure and input VAT
The fundamental principles of input VAT recovery
Attributable to taxable supplies in the course of business
Documentary evidence- the VAT invoice and simplified VAT invoice
Blocked input VAT- company cars and business entertaining
Employee expenses and motoring costs
Business entertaining v staff entertaining v staff subsistence
Overseas expenditure
Purchases from other EU member states
Acquisitions VAT and the reverse charge
How to recover VAT incurred in other EU member states
Import VAT, duty deferment and form C79
Services received from overseas
What (do we expect) will change with Brexit?
Accounting and administration
The accounting system and VAT
The VAT return
The VAT invoice and credit note
Bad debt relief
How to correct errors on previously filed VAT returns
HMRC relationship and the appeal process
Recap, Q&A, client specific issues