VAT Series for Finance Professionals

This series of online courses has been created with the finance professional working in business in mind.

Module 1

• The scope of VAT and how VAT works
• The difference between supplies of goods and services
• An introduction to the concept of ‘deemed’ supplies
• What VAT is charged on, and what is zero rated, exempt or outside the scope of VAT

VAT registration and de-registration

VAT Groups

• Basic requirements, conditions and benefits
• Cross border VAT groups
• Anti-avoidance legislation

Module 2

More on supply

• Goods or services?-sometimes difficult to tell
• Single and multiple
• Deemed and self-supplies
• Non supplies and Transfers of Going Concerns TOGCs
• Valuation and artificial prices rules

Module 3

Tax Points-when to raise an invoice and what it should look like

• Basic and actual tax points
• Deposits and continuous supplies
• Anti-avoidance accommodation tax points
• Full VAT invoice requirements
• Less detailed, pro-forma, self-billed invoices and authenticated receipts
• Credit notes
• Bad debt relief

Input tax

• The criteria for correct claims
• Blocked input tax and business entertainment

Module 4

Special Schemes

• Cash accounting and flat rate
• Margin scheme supplies
• Retail schemes
• Tour Operators Margin Scheme

Records & Administration

• Completing the VAT return
• How to deal with VAT assessments and VAT visits
• Penalties and interest charges, and the error correction system

BMT Module 5

An introduction to international trade in goods

• Place of supply of goods
• Imports, exports and intra EU trade post Brexit
• Triangulation and chain transactions

Module 6

International services-an introduction

• General Rule
• Exceptions to the General Rule
• Special rule for Specified Supplies
• The effective use and enjoyment shift
• The Mini One Stop Shop (MOSS)
• Recovering VAT charged in EU and non-EU countries
• The Reverse charge

Module 7

Commercial property and the VAT option to tax

• What the option is, what it covers, and how to take it properly
• Disapplication and anti-avoidance measures

Module 8

Partial exemption

• Basic principles
• Change of intention and change of use
• Standard and Special Methods
• Annual adjustments
• The VAT Capital Goods Scheme-basics