Timeline of VAT Changes
29 July 2024
Legislation will be laid with retrospective effect to provide that fees paid from 29 July 2024, pertaining to terms starting in January 2025 onwards will be subject to VAT.
1 January 2025
Subject to the anti-forestalling provisions, school fee charges will become liable to VAT at the standard rate with effect from 1 January 2025.
Training Option 1: Introduction & Awareness
Suitable for: Trustees / Head teacher, VAT-inexperienced finance staff & other stakeholders
Format: In-person (Can be virtual if required)
Duration: 2 hours
Topics to be covered:
- How VAT works – general principles
- High level impact of VAT for independent school sector
- Risks and Opportunities
- Regulation and compliance obligations, including MTD
- Dealing with HMRC, including inspections
Training Option 2: Advanced
Suitable for: Bursars and finance staff
Format: In-person and bespoke to your school
Duration: Half day
Topics to be covered:
- Deep dive into VAT registration
- Comprehensive VAT administration
- Mastering record-keeping
- In-depth analysis of VAT on income
- Maximising VAT reclaims
- Capital expenditure and partial exemption
- Effective HMRC management
- Tailored guidance for your school
What Services Do We Offer to Independent Schools?
VAT Registration
Consideration of appropriate VAT registration structure, including VAT grouping and submission of application for VAT registration.
VAT Returns
Provide assistance with the preparation of the first and subsequent VAT returns, to include claim to any pre-registration input VAT available.
Partial Exemption
Preparation of partial exemption calculations, or checking the school’s calculations, according to need.
Capital Goods Scheme
Preparation of Capital Goods Scheme calculations, including identification of appropriate costs, or checking the school’s calculations, according to need.
Advisory Services
Ad-hoc and retained advisory services according to need.
Meet our VAT Training Expert
Alan Davis
Partner & Head of VAT
I lead our Education Sector Group, ensuring that that team meets all the needs of the sector including Universities & their related Student Unions, Colleges and Independent Schools – from audit, to advisory and across all the services the firm provides.
Having spent 16 years with HM Revenue & Customs carrying out VAT assurance visits for a wide range of businesses, I have gained considerable experience of HM Revenue & Customs inspections.
I can help with planning opportunities for VAT efficiency and can advise our clients on retrospective reclaim opportunities, securing significant VAT repayments.