VAT in International Trade

VAT in International Trade

This course is fully interactive with ample opportunity to ask questions of the presenter, who is a practising chartered accountant with clients who face many practical issues surrounding international trade. The presenter has seen examples of businesses who have failed to register for VAT in other countries when they have been obliged to do so; who have not accounted for VAT in the UK on purchases; or who have wrongly assumed that a sale to an overseas customer qualifies for zero-rating. The course will help you understand the correct procedures and the pitfalls. The aim of VAT in International Trade is to demonstrate how supplies of goods and services to overseas customers may or may not be subject to UK VAT, how a UK business must deal with its VAT obligations if it is receiving a supply from an overseas business, and the circumstances in which a UK business must register for VAT overseas. It also outlines how a UK business may reclaim foreign VAT charged on subsistence and similar expenses. The training covers supplies of goods to and from other EU member states including the basics such as zero-rated supplies, distance sales and VAT on acquisitions, and more complex matters such as the transfer of own goods, the supply of installed goods and triangular transactions. We also look at the completion of Intrastat and its relationship to the VAT return. We move on to the VAT rules for exports of goods to locations outside the EU, and the import of goods including how to recover import VAT. The training covers the reverse charge of supplies of services and the general rule for the place of supply of services, as well as the exceptions to the general rule such as land-related services, admission to events and electronically supplied services. We finish with an analysis of EC sales lists and the reclaim of foreign VAT.