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 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


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