Course description
This course is a comprehensive interactive training course designed for people who are responsible for any aspect of an organisation’s VAT obligations. It is ideal for those who have never undergone a structured VAT training course, or for those who wish to undergo a comprehensive VAT refresher course. The course will dispel many of the common myths and misunderstandings which arise in relation to the Irish VAT System and is designed to cover the most important principles of the operation of the Irish VAT System. The course is suitable for staff of all levels, who wish to gain a thorough understanding of these essential principles.
Course Content:
- Principles of the VAT System
- Understanding how the Irish VAT System works
- Taxable Persons and Accountable Persons – who is obliged to register for VAT?
- VAT Registration – new two-tier system!
- Group Registration – what this means and how it may be of benefit to you
- Distance Sales – the hidden problems and how they may affect Irish businesses
- VAT Returns and Payments – warehousing VAT debts due to Covid-19
- Annual VAT Returns – the advantages and disadvantages of opting to make an annual VAT return
- Supplies of Goods and Services – the different rules which apply to the supply of goods and the supply of services, and why these rules are very important
- VAT Invoices and Credit Notes – essential information for all businesses
- Deductible and Non Deductible VAT – costs on which VAT may or may not be reclaimed and the most common errors
- The rules for reclaiming foreign VAT incurred
- The “Two Thirds Rule” explained
- Electronic Data Interchange (EDI) – electronic invoicing
- VAT Rates – how to determine the correct rate of VAT to charge or be charged.
- Imports and Exports of Goods – the rules explained
- Intra-Community acquisition of Goods and Triangulation – how they differ from imports and the rules explained
- Intra-Community supply of Goods – how they differ from exports and the rules explained
- Supply and Install Contracts – the hidden problems and what you need to know
- Section 56 Relief – how it operates and the difference between this relief and being VAT exempt
- VIES and Intrastat Returns – when these are due and how to complete them
