An Introduction to VAT for Accounts Payable & Purchase Ledger Staff

Introduction

Accounts payable and purchase ledger staff are key to claiming the right amount of VAT in any business.

A sound and practical understanding of the VAT rules reduces the risk of penalties for errors and ensures optimum VAT recovery. This is especially the case for partially exempt businesses, or not for profit organisations who must restrict input tax recovery anyway.

This virtual classroom seminar also covers any developments caused by Brexit in ‘real’ time and is aimed at accounts payable and purchase ledger staff who need an easy to understand yet in-depth, detailed and practical training on VAT.

It is suitable for staff new to VAT, and for more experienced supervisory staff who need a refresher and update on the latest rules.

What You Will Learn

This live and interactive session will cover the following:

Basic Principles of VAT

• How VAT works
• What is standard rated, zero rated and exempt- and why it matters

Evidence Needed to Reclaim VAT

• Full VAT invoices - all the requirements
• VAT numbers and how to check them
• Retailer's receipts and till rolls
• Circumstances in which no invoice is needed
• Pro forma invoices and requests for payment
• Invoices addressed to employees-acceptable or not?
• Credit card and procurement card statements

International

• How to process invoices from suppliers of:
• Goods from outside and inside the EU
• Services from all non UK suppliers including the ‘Reverse Charge’

When VAT Can be Claimed

• Tax points
• Deposits
• Payment with no invoice
• What to do about mistakes-the error disclosure rules

How Much VAT to Reclaim

• ‘Blocked’ input VAT which is never reclaimable
• The effect of partial exemption and 'non business' activities
• Discounts - cash, quantity and contingent

Specific Expenses

• Foreign VAT
• Directors' expenses
• Employees' expenses and subsistence
• Motor cars, motor car accessories and fuel
• Business entertainment
• Business promotions
• Staff catering and staff parties

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.