VAT

VAT is a major cashflow component in businesses and has the potential to have a significant negative effect on profit margin.

If a business should have charged VAT but didn’t, tax authorities will often take the approach that the price paid by the customer included VAT – wiping out 16.7% of the sales margin in the UK and 18.7% in the Republic of Ireland!

VAT comprehension and compliance should therefore be high on any business’ agenda but often VAT processes and procedures aren’t given sufficient attention  leading to issues during a VAT audit by HMRC or another EU tax authority. Extratax Training can work with you and your team to improve your understanding of VAT and help you make practical changes to your processes and procedures to improve your VAT compliance.

A company’s VAT return will not be accurate unless its transactions (purchase orders, purchase invoices, sales invoices etc.) are being treated correctly for VAT purposes. The VAT training available from Extratax Training ranges from VAT issues when posting invoices through to preparing the VAT return and on to review of the return before submission to HMRC, the Irish Revenue Commissioners or another tax authority.

At Extratax Training, we can develop bespoke VAT training for your team or you can join us at one of our scheduled learning events.

Our VAT training addresses common VAT queries raised by businesses using a practical, jargon-free approach and guides you towards useful resources to deal with day-to-day VAT questions, including:

  • What is the difference between exempt and zero-rated sales and purchases?
  • What does HMRC’s Making Tax Digital (MTD) for VAT mean for my business?
  • How do I decide if VAT should be charged when my customer is outside the UK?
  • What does reverse-charge for EU goods and services mean?
  • Will Brexit make any difference to UK VAT returns?
  • When is VAT charged on a purchase invoice not recoverable?
  • What is import VAT and when does my business have to pay it?
  • Can I reclaim foreign VAT suffered by my business?
  • How do I check if the VAT return numbers produced by my accounting system are correct?

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