VAT guidance

May 9th, 2015
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Please read this document in conjunction with the standards for the unit. Successful completion of this AAT unit will result in the award of two QCF units:• Preparing and completing VAT returns (skills)

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Vat Guidance 2013Indirect TaxIntroductionPlease read this document in conjunction with the standards for the unit.Successful completion of this AAT unit will result in the award of two QCF units: Preparing and completing VAT returns (skills) Principles of VAT (knowledge)The purpose of the unitThe unit is designed to ensure that learners can understand basic VAT regulations, accurately complete VAT returns, and communicate VAT information to relevant people. As VAT is subject to specific and detailed regulations, the learner should be able to seek guidance from relevant sources, process what is found and communicate this to others.Learning objectivesAfter successful completion of this unit, the learner will be able to deal with the most commonly occurring VAT issues in a business. Although some basic knowledge will be expected, the emphasis is not so much on recall as on awareness and understanding. The learner will be aware that regulations exist and know how to find the information to ensure that the business complies with the regulations and avoids surcharges and penalties. The learner will be able to extract information from the relevant source and, using their knowledge and understanding, apply the rules to the given situations.Learners will be aware of registration requirements and the existence of a variety of schemes with different requirements to suit businesses with different needs. They will be able to calculate VAT correctly and use a

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