VAT Part 1 An Introduction to UK VAT 2016 is a course that covers topics such as:
- VAT registration
- How VAT works
- Inputs and outputs
- The theory of VAT
- Rates of tax - zero rates, exemptions and outside the scope transactions
- Taxable supplies
- Business and non-business income
- Time of supply
- Deposits and continuous supplies
- When VAT becomes due to HMRC
- Supply
- An introduction to "deemed" supplies
- What is a supply of goods or services?
- Second hand goods
- Hire purchase and conditional sale agreements
- The VAT fuel scale charge
- Records and accounts
- Currency invoices
- Requirements of a VAT invoice
- Credit and debit notes
- Retailers` invoices and pro formas
- Input tax
- Evidence required
- When VAT can be recovered
- Non-recoverable input tax
- The effect of making exempt or non-business supplies
- Recovering VAT on staff expenses
- VAT returns
- Annual, cash, and flat rate accounting schemes
- How to complete them properly and avoid penalties
- Penalties and interest charges for errors
- How to disclose errors to HMRC
VAT Part 1 An Introduction to UK VAT 2016 brings together anyone who needs a thorough grounding on the basics of VAT.
