VAT is an essential part of any business.

Finance staff need to make decisions regarding the VAT treatment of transactions on a daily basis and if these decisions are incorrect, it could potentially have a huge cash flow impact for a business. Training is one of the simplest and most effective methods to prevent this outflow of cash.

At the Deloitte School of Tax & Legal, we aim to find a good balance between theory and practical application.

This webinar series will therefore be based on a case study of a new business and will take delegates through some “real-life” examples of the typical day-to-day transactions encountered by the vendor.

By enrolling for and viewing this webinar series you will have a good understanding of the key VAT principles, including areas where the most common mistakes happen. It will also give you the opportunity to discuss and clarify your understanding of the VAT treatment of common transactions a vendor deals with.

The outline of this webinar series is as follows:

Part 1: Output Tax

  • Basic introduction to VAT:
  • The basic VAT calculation
  • Registration as a VAT vendor
  • Invoice vs payment basis of accounting for VAT
  • Overview of types of supplies
    • Overview of when a vendor is liable for VAT (including the definitions of ‘enterprise’, ‘supply’, ‘goods’ & ‘services’)
    • Consideration and value of a supply (including the VAT treatment of donations and deposits)
    • Value & time of supply
    • Overview of zero- rated and exempt supplies
    • Deeming provisions, including:
      • Fringe benefits
      • Indemnity payments
  • Debit and credit notes
  • Other output tax adjustments

 Part 2: Input Tax

  • A basic understanding of input tax
  • The documentary requirements (including electronic invoices)
  • Recipient created invoices
  • Input tax specifically denied (i.e. entertainment, motor car and subscriptions).
  • Reimbursements and credit cards
  • Notional input tax on second-hand goods
  • When and how to apportionment of input tax deductions
  • VAT treatment of agent/principal transactions
  • VAT treatment of company-cross charges
  • Other input tax adjustments

CPD:  5 hours