Introduction to VAT

Tax and VAT Accounting and reporting

Wednesday 20 January 2021

This event is fully booked.

For details of upcoming training dates contact the CFG events team.

Baffled by VAT? Don’t be – this virtual half-day course will give you the insight and knowledge you need to minimise irrecoverable VAT and how to budget for what can’t be recovered.

Like any organisation, charities are subject to VAT. Unlike them though, we undertake activities which can be exempt or out of scope, meaning that VAT cannot be reclaimed on purchases. However exemptions may be available if your charity meets certain conditions.

For many of us, raising income through trading activities has become an increasingly important source of revenue. But restrictions do apply, and you may still be liable for tax depending on the nature and level of activity.

This course is ideal for anyone working in charity finance who needs a better understanding of how VAT works for charities.

When and where

10.00-14.00

Online course

How to join:

Joining instructions will be shared before the event day.

CFG events

CFG events, training and members’ meetings can count towards your continuous professional development (CPD). Contact your association for further information, or email events@cfg.org.uk 

Membership with CFG

CFG members receive access to early bird offers and member rate discount. Not a CFG member? You save money on events and training if you join before you book. Find out more about becoming a member and join our community.

 
Programme
10:00-10:45

Welcome and introduction

Exploring the main principles of VAT for charities: when and how VAT should be applied - how to define supply, identifying taxable persons, and understand how to determine business and non-business activities.

10:45-11:15

How to apply rates

Understand the different VAT rates and how they can be applied and what requirements your charity needs to meet in order for them to apply.

11:15-11:45

VAT registration

Although charities are required to register for VAT when their taxable turnover exceeds the threshold, there are other benefits to VAT registration, such as reclaiming VAT and benefiting from certain exemptions. Find out what these benefits are, and what you need to consider when registering for VAT.  

11:45-12:00

Break

12:00-12:30

Recovery of input tax

VAT-registered charities can reclaim VAT related to their business activities. Here you will be guided through the general rules related to reclaiming VAT, how to identify business and non-business activities, and how to calculate partial exemption. You’ll also learn how and when to consider use of a trading company, and what implications this has for VAT.

12:30-12:45

Break

12:45-13:45

Applying zero rating and exemptions

This session will focus on VAT rules which are specifically related to charities, highlighting how you can benefit from zero-rated goods and services and VAT exemptions, along with any specific conditions of which you need to be aware.

13:45-14:00

Question Time

14:00

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