VAT Part 1 - An Introduction to UK VAT
Quorum Training - A Wilmington Company
Course description
VAT Part 1 - An Introduction to UK VAT - a 1-day training course in London
This course covers the basics of VAT and the key rules applicable to all businesses. The course is designed to offer delegates a thorough understanding of how VAT works, whether or not to charge VAT on a supply, what VAT can be reclaimed on costs, and how and when to complete VAT returns.
The course forms a good foundation for VAT Part 2 - An Introduction to Complex Aspects and New Developments.
Suitability - Who should attend?
Anyone who is completely new to VAT, or who needs a refresher and a thorough grounding on the basics of VAT.
Outcome / Qualification etc.
CPD 6 hours
Training Course Content
How VAT works
- The theory of VAT
- Inputs and outputs
- Taxable supplies
- Rates of tax
- Zero rates, exemptions and outside the scope transactions
- Business and non-business income
VAT registration
- How and when to register
- Penalties for late registration
- Group and divisional registration
Supply
- What is a supply of goods or services?
- An introduction to "deemed" supplies
- Hire purchase and conditional sale agreements
- Second hand goods
- The VAT fuel scale charge
Time of supply
- When VAT becomes due to HMRC
- Deposits and continuous supplies
Input tax
- When VAT can be recovered
- Evidence required
- The effect of making exempt or non-business supplies
- Non-recoverable input tax
- Recovering VAT on staff expenses
Records and accounts
- Requirements of a VAT invoice
- Currency invoices
- Retailers' invoices and pro formas
- Self billing
- Credit and debit notes
VAT returns
- How to complete them properly and avoid penalties
- Annual, cash, and flat rate accounting schemes
- How to disclose errors to HMRC
- Penalties and interest charges for errors
Expenses
Contact Quorum Training for pricing details for running this course in-house. The price will include pre-course discussions with the trainer, supporting course materials and delivery of a practical, interactive course that meets your training needs.
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About provider
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...
