VAT basics

Overview:

This course covers the basics of value added tax. It begins by showing how VAT applies to a single transaction and then looks at VAT for a period of trading. The importance of the time of supply (tax point) is covered. The course covers the structure of the VAT return in detail and shows which invoices and records must be maintained in connection with the return. The procedure for registration for VAT is covered. Next the effect of VAT on individual supplies of goods and services is dealt with, and in particular the difference between a single supply and a multiple supply. The course concludes with a review of which supplies are standard rated, reduced rated, zero rate and exempt, and explains the impact of this on a business and its customers.

Learning Outcomes:

On completion of this course, participants will have a greater understanding of:

  • How the VAT charge operates
  • The structure and operation of the VAT return
  • When businesses have to register for VAT
  • What invoices and records have to be kept
  • When VAT applies to supplies of goods and services
  • Which supplies are standard rated, reduced rated, zero rated and exempt

Authored by: Geoff Sykes

After qualifying with a small firm Geoff spent ten years in London with Deloittes, originally as a tax specialist, and later as National Tax Training Manager. For the next twenty years he was a tax partner in a medium sized firm based in Leeds and Kendal, advising a wide range of business and personal clients on all aspects of tax. He also has experience as a company director and as a director of a retail cooperative society.

CPD Points: 1

CPD Duration (hours): 1

Access: 12 months from purchase date

Price (excludes VAT): £35.00