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An introduction to legal VAT

An Introduction to Legal VAT

Speaker: Darren Whelan

Length: 45 Minutes

Published May 1, 2023 Last Updated on May 1, 2023

Who is this training for?

This on demand workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals, Legal Cashiers and anyone that is new to the legal profession that has any involvement in working in legal finance and compliance.

Purpose of this training?

The finance department of a firm is responsible for managing the day-to-day transactions and finances of the business. This includes bookkeeping, preparation of cash flow reports, financial statements, record keeping and reporting. It also includes dealing with VAT and the preparation of the firms VAT Return. 

This on demand workshop is designed to give an introduction to Value Added Tax within legal finance and how it all fits within legal practice. It is ideal for new starters and for those returning to legal practice and accounts.

Introduction

  • What is VAT?
  • Terminology
  • VAT Rates/Types of Supply
  • Accounting Systems

Purchases and Inputs

  • Inputs and Input VAT
  • Recovery of Input VAT
  • Business and Personal Usage

Sales/Outputs

  • Outputs and Output VAT
  • Valid VAT Invoices and Credit Notes
  • Accounting for Output VAT
  • Overseas Clients
  • Land relates services

Disbursements and Recharges

  • What is a disbursement (SRA and HMRC’s definition)
  • Disbursements – accounting options 
  • Recharges – accounting options
Start Quiz

Further Information

Notice 700

VAT Act 1994

Accounts & Finance Practice Notes 

Compli-Q – Compliance FAQs

Blogs

Forum

Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow. 

Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.

Frequently Asked Questions

Why On Demand

  • Reduced cost
  • Can be watched anywhere, anytime on any device – no travel time or cost
  • Shorter and more efficient than face-to-face 
  • Recorded and can be replayed at your leisure

On Demand – the Cons

On Demand is not for everyone one. People learn differently and watching a pre-recorded training video can feel very lonely and isolated. It requires strong, self-motivation and time management skills. There is no opportunity to ask a question and receive an answer straight away as you would with an online or a face-to-face workshop.

You can pose your question HERE or pose the question via the LiveChat widget.

No. In order to watch them, you must watch them whilst logged into the website.