At VATangles, we support our clients with their VAT training needs, to reduce the likelihood of expensive errors and the subsequent penalties they incur. VAT training is vital to ensure that staff keep their knowledge up-to-date, understand the big picture and buy into VAT processes.
A well thought out VAT system needs to accompanied by a robust training and communications programme, to ensure that all staff understand why the VAT procedures are in place, and the importance of their role on the organisation's VAT accounting practice.
For example, when an employee is required to attach a VAT code to a purchase invoice, and they use an incorrect code, the resulting error could cause unnecessary expense for the organisation. So, it is necessary for all individuals involved to get things right.
There are many ways we support our clients with their training needs from bespoke VAT manuals to group and one-to-one training sessions – we tailor the most appropriate solution to the needs of an organisation.
When we work with a client to produce a bespoke VAT manual; we examine the entire VAT processes of an organisation, including the coding of documents before they go to the finance department. The VAT manual is usually a document of some 30 to 40 pages.
The benefits of a VAT manual:
It sets out the VAT procedures and processes in a clear, readily understandable and accessible format
It delivers best practice and addresses succession planning and continuity requirements
It mitigates the risk of human error
It provides a valuable resource for new starters
To roll-out the VAT manual, we recommend that the appropriate employees attend group or one-to-one training sessions to ensure engagement with the processes and procedures. In our experience, the training increases the overall rate of success and adherence to the processes and procedures.
Another area we offer support is Making Tax Digital.
Since the UK Government introduced Making Tax Digital (MTD), it became clear that MTD was causing our clients issues. So, we challenged our consultant, Michael Lowe, to become an expert on the subject and offer our clients training solutions. Michael has worked with many of our clients to implement products and services which help make MTD more straightforward.
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VAT TRAINING CASE STUDY
Some years ago, a well-known international bank asked us to review their VAT processes. International banking VAT is as complex as it gets, and the figures involved were mind-blowing.
The bank had issues with how they had accounted for VAT as well as how their VAT returned had been completed. Their VAT returns had been completed and signed by a temporary accounts clerk from New Zealand. Additionally, there was no VAT system in place or supporting documentation to review concerning the VAT returns.
Firstly, we set-up the correct systems and then rectified the oversight and signature issues. We then set about recording the processes and developed a VAT procedures manual, which we rolled out across the organisation through training sessions.
This was the basis of our first VAT procedures manual, and we still find the basic template a useful guide when working with our clients to create their bespoke manuals.
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