VAT Basics provides an overview of VAT (Value Added Tax) in the UK, including: how VAT works and is calculated; the roles of Customs and the EU Directive; rates of VAT including standard, lower and zero rates; the treatment of inputs, outputs, invoices and returns; and non-business vs business supplies. It also outlines exemptions, responsibilities and the services of the local VAT & Taxation Advice Office for addressing any VAT questions.
Taxation session woxsen school of businessSree Harsha
This power point presentation is to give a general idea about tax to individuals with no knowledge. It also explains about various kinds of taxes that are usually heard in day to day life. Emphasis is laid on the Income tax.
Tax can be confusing. At the basic, there is Percentage Tax or Value Added Tax; VAT registered and a Non-VAT registered tax payer. In the Philippines, managing tax matters can be really complicated. Several individuals and companies even hire Consultants/Accounting Firms to manage compliance reporting.
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
What is Value Added Tax (VAT)?
**An indirect tax imposed at each stage of production and supply.
**In general, the ultimate consumer is the one who bears the full cost of this tax while the business collects and
calculates the tax and pays it in favor of the state.
**A 5% is imposed on multiple production stages with the right to deduct taxes on inputs from taxes collected
from production outputs.
**The tax is collected each stage of the economic cycle (production, distribution, consumption)
Value added = Sale Price – Purchasing or Production cost
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
Back to Basics: VAT invoicing & the reverse chargeAlex Baulf
In this VAT Club "Back to Basics" presentation, Grant Thornton UK LLP's Hugh Doherty & Arsalan Aslam present on valid VAT invoicing, self-billing and the reverse charge.
Taxation session woxsen school of businessSree Harsha
This power point presentation is to give a general idea about tax to individuals with no knowledge. It also explains about various kinds of taxes that are usually heard in day to day life. Emphasis is laid on the Income tax.
Tax can be confusing. At the basic, there is Percentage Tax or Value Added Tax; VAT registered and a Non-VAT registered tax payer. In the Philippines, managing tax matters can be really complicated. Several individuals and companies even hire Consultants/Accounting Firms to manage compliance reporting.
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
What is Value Added Tax (VAT)?
**An indirect tax imposed at each stage of production and supply.
**In general, the ultimate consumer is the one who bears the full cost of this tax while the business collects and
calculates the tax and pays it in favor of the state.
**A 5% is imposed on multiple production stages with the right to deduct taxes on inputs from taxes collected
from production outputs.
**The tax is collected each stage of the economic cycle (production, distribution, consumption)
Value added = Sale Price – Purchasing or Production cost
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
Back to Basics: VAT invoicing & the reverse chargeAlex Baulf
In this VAT Club "Back to Basics" presentation, Grant Thornton UK LLP's Hugh Doherty & Arsalan Aslam present on valid VAT invoicing, self-billing and the reverse charge.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Webinar Exploring DORA for Fintechs - Simont Braun
Slideshow.PPT
1. VAT Basics
Ian M Harris BA(Hons) FIIT CTA MAAT
Leicester City Council
VAT & Taxation Advice Office
2. VAT & Taxation Advice Office
Who are we?
– Ian Harris BA(Hons) FIIT CTA MAAT
– Taxation Officer
– Part of Financial Services Division
Where are we?
– Room B2.09(B), New Walk Centre (at the moment!)
– Extension: (37)4060 (0116-454-4060)
– Fax: 0116-255-2443
– Mobile/Text: 07980-339581
– E-mail: vattax@leicester.gov.uk
3. The Introduction of VAT
Started on 1 April 1973
Not intended to impact on local authorities’
statutory activities
Refund system in place for such ‘non-
business’ activities
But when acting in a business capacity
‘normal’ VAT rules apply to local
authorities
EU law lays down a requirement to avoid
distortion of competition
4. VAT - The European Tax
EC Principal VAT Directive lays
down the basis
Applies to all EU Member States
Details the scope of VAT, meaning of
taxable person, time and place of
supply, exemptions from VAT, etc
5. VAT in the UK
UK implements the Directive by
way of the VAT Act 1994
Secondary legislation: VAT
Regulations 1995 and numerous
other SIs
UK has certain derogations, eg
the retention of zero-rating
6. The Role of Customs
Administration of VAT in the UK
Network of local VAT offices
Ensure VAT is correctly accounted for
By assessing for underdeclared VAT, plus
interest and penalties!
If disagree have right of appeal
All communication with Customs must go
through the VAT & Taxation Advice Office
7. VAT - How Does It Work?
Taxable person - someone who is (or
who ought to be) registered for VAT
Taxable supply - a supply of goods
or services which is liable to VAT
A taxable person charges VAT on
his/her taxable supplies and reclaims
VAT incurred in connection with
making those supplies
8. How it Works: An Example
VAT VAT net
incurred charged VAT
forester nil £2.00 £2.00
timber mill £2.00 £20.00 £18.00
manufacturer £20.00 £80.00 £60.00
retailer £80.00 £166.50 £86.50
£166.50
Which equals the amount paid by the
customer
9. The success of VAT
Intrinsically simple
A self-assessed tax
A self-policed tax
Extremely efficient cost of
collection
10. The success of VAT
VAT raises over £90billion pa
VAT accounts for over 15% of
Government revenue
– at a cost of less than 1p per Pound
Income Tax raises somewhat more
– but at a cost of over 5p per Pound
Corporation Tax raises only about half
as much
11. Rates of VAT
Standard-rate
20%
Lower-rate
5%
and
Zero-rate
0%
Note that zero-rate is different to
exemption from VAT
12. Output Tax and Input Tax
VAT charged by a taxable
person is his/her output tax
VAT incurred by a taxable
person is his/her input tax
Output tax less input tax =
amount payable to Customs
13. The VAT Return
Total output tax for the period (A)
Total input tax for the period (B)
A - B = amount due TO Customs
Or, if A - B is negative (input tax is
higher than output tax), then A - B
= amount due FROM Customs
14. Input Tax - General Rules
To reclaim input tax you must:
hold a VAT invoice
– though there are certain cases, eg
payphones and purchases from coin-
operated vending machines, where you
simply must demonstrate that VAT has
been incurred on the expenditure
receive the supply
use the goods or services supplied for
official purposes
15. VAT Invoices - Full Invoices
Used by most businesses such as
wholesalers and manufacturers
Require certain specified
information
For businesses - must be issued
within 14 days of the supply
For local authorities - must be
issued within 2 months of the supply
16. VAT Invoices - Full Invoices
To be valid a full VAT invoice must contain:
- a sequential identifying number
- the date of the supply (the tax point)
- the name, address and VAT-registration number of the
supplier
- the name and address of the customer
- a description of the goods or services supplied
- the quantity of the goods, extent of the services, unit
price, rate of VAT applicable and net amount payable
- the total amount payable excluding VAT
- any discount offered
- the total amount of VAT payable in UK Pounds
17. VAT Invoices - Less Detailed
Issued by retailers and other VAT-
registered persons selling to the
public
Often referred to as a ‘VAT receipt’
Minimal information required
Must be able to demonstrate that a
VATable supply has been received
from a VAT-registered supplier
18. The VAT Fraction
To calculate the VAT amount
from a VAT-inclusive amount
20% VAT so:
20/120ths = VAT amount
simplifies to 1/6th
19. Imports from Within the EU
Effectively importer charges self
VAT by accounting for UK VAT
as acquisition tax (equivalent to
output tax)
Declare on VAT Return and
recover as input tax
Copy all such invoices to the
VAT and Taxation Advice Office
20. Imports from Outside the EU
UK VAT payable at point of importation
Shipping agent usually pays UK VAT on
importation then claims reimbursement
but
– shipping agent’s invoice is not a VAT Invoice
Can only reclaim VAT on imports on
basis of C79 Certificate from Customs
21. ‘Imported Services’
Cross-border B2B services normally VATable where
customer located
Customer effectively charges self VAT by accounting
for UK VAT as output tax, declaring on VAT Return
and recovering as input tax
There are some exceptions though:
– notably services supplied where performed or consumed, eg land
related services, hotel accommodation and restaurant and catering
services
Copy all invoices for services procured from non-UK
suppliers to VAT and Taxation Advice Office
Cross-border B2C services normally VATable where
supplier is located
There are similar exceptions though
22. Irrecoverable Input Tax
You cannot recover VAT incurred on:
certain second-hand goods (including goods
bought at auction)
supplies made under the Tour Operators
Margin Scheme (TOMS)
purchases of motor cars (or 50% of VAT on
leased cars)
purchases in respect of business
entertainment
23. Irrecoverable Input Tax
Also you cannot recover VAT
incurred on:
purchases from suppliers who are
not registered for VAT
supplies purchased on behalf of
someone else
24. Credit Notes
Credit notes must be issued to correct any
overcharge of VAT
The customer must then repay the VAT
shown on the credit note to Customs
A credit note should be treated as a
‘negative invoice’
Credit notes cannot be used to write off bad
debts
25. Outputs and Output Tax
An output is a supply of goods or services
Goods - supply made when title passes
Services - to do something (or refrain from
doing something) for payment
Remember payment does not have to be in
money - there could be a barter or part-barter
The supply will bear VAT at standard, lower or
zero-rate or be exempt from VAT or be outside
the scope of VAT (eg a non-business activity)
26. Tax Points - The Time of Supply
The tax point is the time at which you must account
for VAT and is determined by when the supply is
made
A supply is made when:
in the case of goods, they are delivered to or removed
by the customer
in the case of services, the service is complete or, for
ongoing services, a payment is received
But where an invoice is issued the date of the invoice
usually becomes the tax point
Unless payment is received first which triggers a tax
point
27. Non-Business Activities
Supplies made for no consideration or, in
the case of land, where the consideration is
no more than a ‘peppercorn’
Supplies made by a public body under a
statutory regime
Certain ‘traditional’ local authority
activities which do not ‘compete’ with the
private sector
28. Non-Business Activities
For a local authority activity to be non-
business it must be -
- free at the point of delivery
or
- subject to a special legal regime
and
- not likely to cause any significant distortion of
competition
29. Business Supplies
Supplies which are not non-business must
be business supplies and may be:
– standard-rated
– lower-rated
– zero-rated
– exempt from VAT
Business supplies do not have to be made
for a profit
30. Exemption from VAT
Determined by Schedule 9 of the VAT Act
land (including lettings, leases, etc)
insurance
postal services (by the Post Office)
betting, gaming and lotteries
finance
education (other than statutory education)
health and welfare (other than statutory social
care)
31. Exemption from VAT
burial and cremation
subscriptions to trade unions, professional and
other public interest bodies
sports, sports competitions and physical
education
works of art, etc
charity fund raising events
cultural services
goods on which input VAT was irrecoverable
investment gold
services by a cost sharing group to its members
32. Zero-Rating
Determined by Schedule 8 of the VAT Act
food
sewerage and water
books and printed matter
talking books for the blind and handicapped
and wireless sets for the blind
construction of certain new buildings
certain protected buildings
international services
33. Zero-Rating
transport (notably public transport fares)
residential caravans and houseboats
gold
bank notes
drugs, medicines and aids for the handicapped
imports and exports
charities
young children’s clothing and footwear and certain
protective clothing and footwear
34. Lower-Rating
Determined by Schedule 7A of the VAT Act
domestic fuel or power
installation of energy saving materials
grant-funded installation of heating equipment or
security equipment
women’s sanitary protection products
children’s car seats
residential conversions
35. Lower-Rating
renovations and alterations of dwellings
contraceptive products
advice or information to promote welfare of
elderly, disabled or children
installation of mobility aids for the elderly
smoking cessation products
caravans over 7m long not suitable as a
permanent residence
cable-suspended passenger transport systems
36. Your Responsibilities
Follow the VAT rules
Remember VAT affects both income
and expenditure
Consider the VAT implications of
decisions made
Refer to the VAT Manual
If unsure, seek advice don’t guess
37. The VAT & Taxation Advice Office
If in doubt contact:
– THE VAT & TAXATION ADVICE OFFICE
– Room B2.09(B), New Walk Centre
– Extension: (37)4060
– Direct dialling: 0116-454-4060
– Fax: 0116-255-2443
– Mobile/Text: 07980-339581
– E-Mail: vattax@leicester.gov.uk