The 9 Boxes for VAT Returns - A Practical Guide for Junior Finance Staff

Introduction

VAT registered businesses come in all shapes and sizes.

There are 9 boxes on a VAT return to complete. The numbers that go into them obviously must be correct and done at the right time. The process is not just about numbers though, it is also about set VAT rules and VAT logic.

This new virtual classroom seminar is ideal for junior finance staff responsible for completing or assisting with the VAT returns. It will also benefit managers looking for a refresher, or certainty and consistency of approach for their teams.

This is a practical and interactive course and will offer plenty of opportunities to ask specific questions of expert speaker Gwen Ryder.

Please note, this session does not cover any aspect of MTD.

What You Will Learn

This live and interactive session will cover the following:

• Some important VAT fundamentals before we start
• Special considerations - A brief explanation of, and how to report the VAT on:
• Imports of goods
• Imports of services - including the reverse charge
• Special VAT schemes e.g. Cash accounting and the VAT Flat Rate Scheme
• International services where we do not charge VAT
• The logic for claiming the correct amount of input tax in box 4
• The effect on input tax recovery on:
• Partial exemption or ‘non-business’ activities including a mention of the VAT Capital Goods Scheme
• ‘Blocked’ input tax which cannot be claimed e.g. Business entertainment
• The definitive guide of what should go into each box of the VAT return and what can be excluded
• What to do about:
• Late payment or submission of returns - penalties etc
• Previous over claims or under declarations of VAT
• Simple checks to make before submission
• Avoiding penalties for lack of ‘reasonable care’ - ‘Toolkits’

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.