Learning Objectives

After successful completion of this paper, you will be able to deal with the most commonly occurring VAT issues in a business. Although some basic knowledge will be expected, the emphasis is not so much on recall as on awareness and understanding. You will be aware that regulations exist and know how to find the information to ensure that the business complies with the regulations and avoids surcharges and penalties. You will be able to extract information from the relevant source and, using knowledge and understanding, apply the rules to the given situations.

You will be aware of registration requirements and the existence of a variety of schemes with different requirements to suit businesses with different needs. You will be able to calculate VAT correctly and use an accounting system to extract the figures required to complete the VAT return.

You will also be aware of special circumstances that require particular attention and be able to deal with errors and changes in the VAT rate, as well as being able to communicate on VAT issues with people inside and outside the business.

Learning Outcomes

Preparing & completing VAT returns

• Complete VAT returns accurately and in a timely manner.
• Communicate VAT information.

Principles of VAT (knowledge)

• Understand VAT regulations.