The 9 Boxes for VAT Returns - A Practical Workshop for Junior Finance Staff

Introduction

VAT registered businesses come in all shapes and sizes.

There are 9 boxes on a VAT return to complete. The numbers that go into them obviously must be correct and done at the right time. The process is not just about numbers though; it is also about set VAT rules and VAT logic.

This new in-person practical seminar is highly interactive, featuring real-world case studies, group exercises, and roundtable discussions, offering plenty of opportunities to ask specific questions of expert speaker Gwen Ryder.

It is ideal for junior finance staff responsible for completing or assisting with the VAT returns. It will also benefit managers looking for a refresher, or certainty and consistency of approach for their teams.

On completion of this hands-on seminar, you will have the confidence to complete VAT returns accurately, understand the reasoning behind each entry, and apply VAT rules consistently across your organisation.

Please note: This session does not cover any aspect of MTD.

What You Will Learn

This course will cover the following:

• Some important VAT fundamentals before we start
• Special considerations - a brief explanation of, and how to report the VAT on:
• Imports of goods
• Imports of services - including the reverse charge
• Special VAT schemes e.g. Cash accounting and the VAT Flat Rate Scheme
• International services where we do not charge VAT
• The logic for claiming the correct amount of input tax in box 4
• The effect on input tax recovery on:
• Partial exemption or ‘non-business’ activities including a mention of the VAT Capital Goods Scheme
• ‘Blocked’ input tax which cannot be claimed e.g. Business entertainment
• The definitive guide of what should go into each box of the VAT return and what can be excluded
• What to do about:
• Late payment or submission of returns - penalties etc.
• Previous over claims or under declarations of VAT
• Simple checks to make before submission
• Avoiding penalties for lack of ‘reasonable care’ - ‘Toolkits’
• Practical case studies