View Unit : Principles of VAT

Unit

Unit Reference Number

F/600/4952

Qualification Framework

QCF

Title

Principles of VAT

Unit Level

Level 3

Unit Sub Level

None

Guided Learning Hours

Unit Credit Value

Date of Withdrawal

SSAs

15.1 Accounting and Finance

Unit Grading Structure

Pass

Assessment Guidance

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

Learning Outcomes and Assessment Criteria

Learning Outcome - The learner will:		Assessment Criterion - The learner can:
1	Understand VAT regulations	1.1	Identify sources of information on VAT
		1.2	Explain the relationship between the organisation and the relevant government agency.
		1.3	Explain the VAT registration requirements
		1.4	Identify the information that must be included on business documentation of VAT registered businesses.
		1.5	Recognise different types of inputs and outputs.
		1.6	Identify how different types of supply are classified for VAT purposes • standard supplies • exempt supplies • zero rated supplies • imports • exports
		1.7	Explain the requirements and the frequency of reporting for the following VAT schemes: • annual accounting • cash accounting • flat rate scheme • standard scheme
		1.8	Recognise the implications and penalties for the organisation resulting from failure to abide by VAT regulations including the late submission of VAT returns

Equivalent Units

There are no equivalences to display.