VAT for Accounts Payable Staff - An Immersive Workshop

Introduction

Not claiming all the VAT that a business is entitled to can have a dramatic effect on profit margins. Claiming VAT incorrectly can lead to VAT penalties and interest being charged to the business.

Aimed at staff in accounts payable teams in enterprises of all sizes, this workshop will guide you through the VAT rules relating to the recovery of input tax on costs and staff expenses.

Presented by Gwen Ryder, this session will start with the assumption of limited prior knowledge of VAT and build up from there, making it ideal for teams in firms of accountants responsible for this aspect of VAT compliance who would benefit from certainty and consistency of approach.

On completion of this session, you will be able to review typical invoices received and identify whether VAT can be recovered or if further queries should be raised with the supplier.

This is an immersive workshop and includes exercises, case studies, and the opportunity to discuss specific VAT questions with an expert speaker.

What You Will Learn

This course will cover the following:

• What VAT is chargeable on
• VAT cannot be claimed where charged in error, so a good grounding is essential
• The VAT rules and logic for claiming VAT
• Evidence needed to recover VAT
• All aspects
• The few times when we do not need a VAT invoice at all
• When VAT can be claimed
• Timing, and when VAT must be reported separately as an ‘error’
• Non recoverable VAT
• ‘Blocked input tax’
• What does that mean?
• Business entertainment
• All the ins and outs
• Imports and acquisitions of goods
• Processing and VAT reporting, and the differences between the two types of imports
• Services from overseas and reverse charges
• Where to post, and input tax recovery issues
• More on specific staff expenses and costs
• Effect of partial exemption and ‘non- business’ activities
• Can I recover all my VAT?
• For those who get involved in VAT return completion
• A brief overview of where the entries should go
• Entries to ignore/not to worry about