VAT Part 1 – An Introduction to UK VAT 2016

Topics

• VAT registration
• How VAT works
  • Inputs and outputs
  • The theory of VAT
  • Rates of tax - zero rates, exemptions and outside the scope transactions
  • Taxable supplies
  • Business and non-business income
• Time of supply
  • Deposits and continuous supplies
  • When VAT becomes due to HMRC
• Supply
  • An introduction to "deemed" supplies
  • What is a supply of goods or services?
  • Second hand goods
  • Hire purchase and conditional sale agreements
  • The VAT fuel scale charge
• Records and accounts
  • Currency invoices
  • Requirements of a VAT invoice
  • Credit and debit notes
  • Retailers` invoices and pro formas
• Input tax
  • Evidence required
  • When VAT can be recovered
  • Non-recoverable input tax
  • The effect of making exempt or non-business supplies
  • Recovering VAT on staff expenses
• VAT returns
  • Annual, cash, and flat rate accounting schemes
  • How to complete them properly and avoid penalties
  • Penalties and interest charges for errors
  • How to disclose errors to HMRC

Who should Attend

Anyone who needs a thorough grounding on the basics of VAT.