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For competency qualifications, must be delivered and assessed with unit ‘Preparing and completing VAT returns’.
Skills based assessment under controlled conditions or work based assessment
Understand VAT regulations
Identify sources of information on VAT
Explain the relationship between the organisation and the relevant government agency.
Explain the VAT registration requirements
Identify the information that must be included on business documentation of VAT registered businesses.
Recognise different types of inputs and outputs.
Identify how different types of supply are classified for VAT purposes
• standard supplies
• exempt supplies
• zero rated supplies
Explain the requirements and the frequency of reporting for the following VAT schemes:
• annual accounting
• cash accounting
• flat rate scheme
• standard scheme
Recognise the implications and penalties for the organisation resulting from failure to abide by VAT regulations including the late submission of VAT returns