I am new here and also new in accounts. I did accounts payable for over two years but in regards to VAT my knowledge is very poor.
I did some VAT return for small ledger so the main point there was check VAT on sales/ purchase side, check if wages or I/Co are in T9 codes but mostly it was more mechanical than from experience.
On my new job, I will have to do whole VAT return. My manager mentioned about VAT control and etc. The truth is that I have no enough experience to handle this side of accounts. How can I learn about VAT, Vat returns, how to check main aspects of VAT control besides of courses? I want to start AAT but it will take a while.
Any information, websites, online books and any other will be welcome :)
Hi Luke
Your first post seemed to indicate this was your business. Please clarify by completing the usual intro that we ask all newbies for.
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That so of thing. Helps get to know you but also how best to pitch answers.
Also - you mention doing accounts payable but having a poor knowledge of VAT. I assumed that was because you were working for a non VAT registered company, but you mention something about a 'main point' - not sure what you mean by tyhis - can you please expand?
Also - you really should not talk about T9 codes as if everyone knows what you mean. That is a Sage specific term and there are a lot of folk on here who do not use sage, but who can answer questions.
What is I/Co?
Turning to your new role - who will be supervising the VAT return once you have done this? Who will be responsible if something goes wrong? What kind of business is it that you are working in? Practice or other sector?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Fair point. I should introduce myself in more details.
I did AAT Level 1 with college at Manchester area. I working for company as a one of accountant assistant(still don't know how I got a job :) )I want to start AAT Level 2 but it's small delay on this subject at the moment.
Before this job I worked as a accounts payable - it was VAT register company. I posted VAT invoices, credit notes, payment run, reconciliation of accounts but the ledger overall was very straight forward. It wasn't big company so the volume also was quite small.
In regards to "main point" my task regards VAT return was check on the end of the month that invoices are post with correct tax. I also had to check to wages where post with "out of scope" tax like also some intercompany transactions.
In regards to supervising the VAT return I will have to do all VAT return and my manager will be supervise but I am new at the firm so I am not sure how it is look like in practice.
The business create different type of festivals around UK so we could say entertaining business.
I hope this is enough to help me with my question. Just want to know basic where to start with VAT return, what process need to be done.
I was very much thrown in the deep end like you with regards to VAT. I hate to sound like a cliche but the majority of it really does come from experience.
If you aren't sure of any specific VAT treatments there is plenty of information on the HMRC website (found by just googling most of the time) but I found these three publications extremely helpful when I first started out:
If you're ever in doubt, ask your manager for help. It may feel like you're annoying them in the short term but you don't want to be in a situation later down the line where a big error has to be corrected and you're thinking "why didn't I just ask someone!!"
Hope this helps :)
-- Edited by fin6y on Tuesday 11th of July 2017 01:23:54 PM
Are you still in Manchester? You may have noticed the bee pictures on here! Im local (ish) to there as my profile name suggests.
On the VAT issue I was going to suggest a little light reading for when you cant sleep - The VAT guide 700 www.gov.uk/government/publications/vat-notice-700-the-vat-guide/vat-notice-700-the-vat-guide
and then all the off shoot guides, plus the actual VAT ACT itself as the guides are just HMRC's interpretation of the law. That lot will make sure you never suffer insomnia ever again!!
Totally agree with Faye - about asking for help. An asbolute must.
If you are thinking of doing level 2 AAT would your firm sponsor you to do it? Worth an ask. I would then suggest you look to do it via distance learning unless as part of that they wish you to attend college.If you do try Kaplan or BPP in Manchester city centre rather than local colleges who all just seem to give folk nightmares!
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
