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LECTURER: GWEN RYDER
VAT registered businesses which also make exempt supplies cannot recover VAT on all their costs as input tax. Particular business sectors affected are land and property, insurance and finance, education, health and welfare and charities. This course is for those who have a sound knowledge of general VAT, but who are new to the area of partial exemption. It gives participants a clear understanding of the subject, and the tools to maximise VAT recovery in their particular business sector and avoid risk of errors.
PROGRAMME
The detail of the exemptions within Schedule 9, VATA 1994 and the fine line between exemptions and taxable supplies
General provisions relating to allowable input tax
The standard method
- Values and use based calculations
- Use of previous year’s recovery percentage
- Standard method override
Special Methods
- Sectors, headcount, square footage etc
- Fair and reasonable declarations and legal certainty
- Special method override
De minimis limits
Attribution of input tax
- Definition and case law
- Change of intention and use requirements
Annual Adjustments
Out of country and distortive supplies
Records and accounts
The VAT Capital Goods Scheme
Imports of services and the reverse charge
Scheduled Course Dates
26 July 2012
01 November 2012
one day course 09.30-17.00
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