It is important to get the basics right. VAT is a complex tax meriting great care and attention. Time invested by businesses in putting in place efficient VAT accounting procedures to ensure compliance with the VAT rules is time well spent.
As an introduction to the main plenary session on Tuesday 5 July 2016 (08:30 to 10:30) , PEM will address the scope and coverage of the tax with an explanation of the differing VAT rates available on typical sources of income.
In addressing income in more detail, we will talk about when to account for output tax and the scenarios that can lead to an output tax charge even when no income has been received.
VAT incurred on expenditure is not recoverable in many situations. In exploring this in more detail, we will cover the rules surrounding input tax recovery with areas such as employee expenses claims, motoring expenses and business entertainment addressed.
We will highlight the need for taxpayers to identify VAT incurred relating to non business and/or VAT exempt activities where recovery of the VAT incurred is not generally available.
Increasingly we are finding more and more businesses with international transactions. Even a ‘one off’ activity in another tax jurisdiction can bring about a need to consider a whole host of VAT rules not normally of concern to those trading exclusively in the UK. The international environment cannot be ignored and cross border trading will feature in our workshop.
Lastly we will explain the pros and cons of some of HMRC’s simplification schemes to help delegates decide what might be right for them.
To supplement the main session, there will be a breakout session designed to cover the various points addressed in the main session in more detail.
The breakout session will be designed around a case study involving a start up business and its increased exposure to more and more VAT rules as its business develops over the years.
This will seek to re-enforce knowledge gained by the delegates in the main session by means of questions and answers around a series of business changing events.
For more information on this event and to book your place, please visit our EventBrite page.