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Course Overview This course is suitable for all levels of staff who work for banks or organisations with banking transactions. It will also be of interest to those who supply services to the banking sector. It will not only cover the key VAT rules applicable to banking, but will also explain practical compliance issues and VAT mitigation techniques with reference to actual cases. A prior knowledge of the topics covered in Introduction to VAT in Financial Services is assumed. Course Outline HOW VAT AFFECTS BANKS - A review of the key issues and concerns
- Basic compliance issues
- Basic VAT planning for banks
THE EXEMPTION FOR FINANCIAL TRANSACTIONS - A full explanation of what is exempt and what is not
- Dealings in money and money transfers
- Lending and interest
- Foreign exchange issues
- Investment management
- Outsourced services
INTERNATIONAL SERVICES - The place of supply rules
- Schedule 5 services
- Transactions carrying the right to input tax recovery
- The 'reverse charge' and how it creates input tax which may or may not be recoverable
PARTIAL EXEMPTION - The basic principles
- The standard and special methods
DEALING WITH HMRC
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