Understanding VAT Partial Exemption

Overview 

Partial exemption can often seem confusing, but understanding it is essential. Getting it right makes the difference between reclaiming too little or too much VAT.

Starting with the fundamentals, this session explains what partial exemption is and which businesses it affects, before moving into a more detailed exploration of VAT recovery and the correct application of the rules. You will gain practical guidance on distinguishing between exempt and taxable supplies, and on calculating recoverable VAT accurately using partial exemption methods.

Through real world examples, the session also explores complex scenarios, common pitfalls, and the areas where errors most frequently arise.

Course Outline:

• Understanding partial exemption rules
• Definitions: exempt vs. taxable supplies, impact on input tax recovery
• The standard method and special methods
• Attribution of expenditure – what does this mean?
• Practical calculation examples
• Overrides, clawbacks and paybacks – when to consider?
• Important case law summaries outlining current lines of thought
• Common pitfalls and how to avoid them

Simone Hurst

Simone Hurst is an accomplished speaker and VAT consultant of many years standing. She began her VAT career as the youngest ever direct entrant Executive Officer in HM Customs & Excise working as a VAT Inspector before moving on to manage an in house VAT practice for a firm of accountants in Yorkshire and then working for one of the Big 4 firms. She now runs her own independent VAT practice, and has done for 26 years, dealing with every sort of VAT query you can possibly think of.

3 CPD units

ACCA members can use this learning to meet their CPD requirements provided it is relevant to their career. If the event contributes to general knowledge and skills, it should be recorded as non-verifiable CPD. If the learning can be applied in the workplace, it will contribute to verifiable CPD.

1 hour of learning = 1 unit of CPD.

Fee: 70 GBP + VAT (84 GBP) per delegate

Please note: If you are unable to join the live webinars, they will be available on-demand 24 hours after the live webinar ends and you will have access to the sessions for 12 months.

The webinar handout material will be available on the webinar platform when you log in to view, 15 minutes before the live webinar start.

If you wish to view or download handout materials, before the day of the webinar, they will also be available through your document library on https://events.accaglobal.com.

This event is organised by ACCA Continuous Learning.

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