VAT for Accounts Payable Session 1 & 2

Quorum Training - A Wilmington Company
Course summary
6 hours
395 GBP excl. VAT
Online courses
Next available date: 10/08/2020 09:30 - Online courses

Course description

VAT for Accounts Payable Session 1 & 2

  • Has VAT been charged correctly on this invoice?
  • Is this document sufficient to enable VAT to be recovered?
  • When can a VAT charge be claimed?
  • Can VAT be claimed on staff lunches?
  • This hotel invoice is addressed to a member of staff – can I claim the VAT?
  • Can VAT be claimed on an invoice for catering at directors’ meeting?
  • What is meant by reverse charge?
  • VAT has been charged by an overseas supplier, can I claim it?

If these are typical questions arising in your Accounts Payable department then this is the course for you or your staff.

The aim of the VAT for Accounts Payable course is to guide participants through the complex VAT rules relating to the recovery of input tax. At the end of this course participants will be able to review typical invoices and state whether or not VAT can be recovered. It will also enable participants to realise when additional information is required and to make decisions regarding input tax recovery. As VAT is a transaction tax and not a tax on profits not claiming all the VAT a business is entitled to can have a dramatic effect on profit margins. Claiming VAT incorrectly can lead to penalties and interest being charged.

VAT was introduced when the UK joined the EU but having become a worldwide tax VAT will remain following Brexit. There are likely to be changes particularly, affecting goods and services purchased from EU countries, and this course will consider likely changes to VAT rules.

CPD Hours: 6

Suitability - Who should attend?

Staff employed in the Accounts Payable teams of large, medium and small enterprises and who are responsible for checking and posting purchase invoices and/or staff expense claims. The course is suitable for staff with no or limited prior knowledge of VAT and for staff with prior knowledge who require a refresher or update.

Training Course Content

Day 1

Session 1

  • VAT liability-standard, zero, reduced rates, exemption
  • Invoices and evidence required to recover VAT
  • Non recoverable VAT
  • Private use and apportionment
  • Services from overseas and reverse charges
  • Imports, acquisitions and Brexit update
  • Effect of partial exemption on VAT recovery

Day 2

Session 2

  • Case study of invoices in tray
  • Making Tax Digital update
  • Completion of VAT returns

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About provider

Quorum Training - Accounting, Finance, Tax & Business Operations Training

Quorum Training - Business and Finance Courses for Professionals

Quorum Training provides a range of specialist courses designed specifically for business and finance professionals, covering such topics as: Accounting and finance Taxation VAT Governance Risk and compliance Financial markets and corporate treasury Charities Management and leadership Courses are available...

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Quorum Training - A Wilmington Company

5th Floor, 10 Whitechapel High Street
E1 8QS London

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