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VAT & Solicitors

Designed to take the mystery and fear out of VAT, this course commences with basic VAT concepts and includes aspects of special concern for solicitors. Some of the exceptions agreed for solicitors by Customs & Excise (now HMRC) are identified. Delegates will be shown ways of distinguishing between the various payments confusingly referred to as disbursements.

Course content

Basic Concepts of VAT

• Introduction to VAT legislation
• General principles
• Supply of goods and services
• Cross border services in the EU and outside it
• Taxable and Exempt supplies
• Output and Input tax
• Registration

The VAT Return

• Accounting periods
• Late Returns
• Errors
• Mis-declarations

VAT Invoices

• What constitutes a valid VAT invoice?
• Essential elements

Disbursements

• What is a disbursement?
• Distinction between the treatment of payments which are -

 - Expenses

 - 'Disbursements for VAT purposes' as defined

     

Further provisions

• Books and records
• Bad debts
• Gifts and samples
• Motor cars and petrol