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VAT within Law Firms
Length: 6 Hours
Published September 23, 2022
Last Updated on September 30, 2022
Who is this training for?
This face-to-face workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals, Legal Cashiers and anyone that has any involvement in working in legal finance and compliance.
Purpose of this training?
VAT is a complex and ever changing tax. This workshop is designed to focus on the areas that cause the most confusion and the areas that we see HMRC specifically target law firms during a VAT inspection.
The workshop will explore the practical application of the VAT regulations to help you to be compliant. It will explore the VAT Act 1994, Notice 700, case law and address issues that have emerged from cases like the ‘Brabners’ decision and the implications of those decisions to law firms. Conundrums and scenarios will be posed and discusses throughout the session.
Introduction
- Scope of VAT within the UK
Time of Supply
- Basic Tax Point
- Actual Tax Point
- Extensions
Sales/Fees
- Client’s overseas (Place of ‘belonging’)
- Land related services
Third Party Payers
- Indemnity basis
- VAT invoices
Disbursements and Recharges
- What is a disbursement (SRA and HMRC’s definition)
- Disbursements – accounting options
- Discretionary treatment of Counsel’s Fees
- Overseas experts
- Recharges – accounting options
- VAT invoices
- Search fees
- Medical records and reports
Administrative Aspects of VAT
- Valid VAT invoices
- Valid credit notes
- Recovery of input VAT
- Supplier invoices 6 months older or greater
- Subsistence, travel and staff entertainment expenses
- Mixed expenses (business and personal usage)
- Mobile phones
- VAT Returns
- Correcting errors
- Bad debt relief
- Partial Exemption
Further Information
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 Face-to-Face
Individuals have the opportunity to connect with, problem-solve, and network with others from a wide range of backgrounds that online environments usually can’t replicate. Direct interaction with the trainer is also beneficial. You may also feel more comfortable and learn more easily in a familiar, traditional classroom situation.
Face-to-Face – the Cons
It’s expensive and time consuming. Online training can be recorded and viewed over and over again, whereas face-to-face training is delivered and the learner is left to rely on their memory and notes. A classroom setting can also stifle learning by allowing dominant personalities to take the bulk of the discussion environments. Quieter individuals become limited in their communication options for exchanging ideas and information.
Our face-to-face workshops are hosted and presented within the main cities of the UK. Details on the actual venue will be provided closer to the date.
