VAT for Academies
This virtual classroom session offers a detailed insight into VAT as it applies to VAT registered Academies.
VAT registered Academies are in a unique VAT position. They can recover VAT incurred on their 'non business' activities, while at the same time, they have to deal with the VAT consequences of their other activities like any other business. This means that, Academies have to apply the right rate of VAT to their sales, and recover the right amount of input tax on their costs. The good news is that their special position allows Academies to potentially take advantage of VAT zero rates that other entities cannot.
This session is designed for those who advise on VAT matters and compliance in the Academy sector and who need to ensure that this is correct in all aspects. Knowledge of basic VAT is assumed.
What You Will Learn
This live and interactive session will cover the following:
- The very special VAT status of Academies
- Grant funding and the importance of 'business' and 'non-business' activities for VAT purposes, and S33B VATA 1994
- Treating other income correctly
- Supplies to other educational institutions
- Uniforms and photos
- Goods and services incidental to education
- Grants and sponsorship
- Catering for staff, pupils and visitors
- Land and Property Issues
- VAT zero rates for new construction and annexes
- Letting or leasing Academy facilities
- Partial Exemption
- How to determine whether VAT recovery should be restricted
- Direct attribution of input tax
- Standard and special partial exemption methods
- Recovery of VAT on overheads
- VAT recovery and VAT returns
- The zero rating for advertising, and equipment bought with donated funds
- The reduced rate for heating and fuel
- Evidence needed to claim VAT
- Blocked input tax
- How to complete a VAT return correctly, and common errors
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.