Spring Tax

Session 1: Tax update and Budget 2024, Spring Finance Act 2024 and more

This session will bring you up to date with the Spring Finance Act 2024, which implements announcements made in the 2023 Autumn Statement and announcements made at the 2024 Budget scheduled for 6 March 2024. The session will include details and explanations of changes to the following areas:

• Income tax
• Corporation tax
• savings measures
• capital taxes
• VAT, and
• tax administration.

Session 2: Making Tax Digital – how to join the Beta test and what you need to know

This session will cover all of the new announcements about MTD made in late 2023 and explain why it is important for you to join the Beta test. The session will include detailed content on the practicalities of running MTD for businesses and information on which taxpayers are eligible to join the test programme. This will allow you time to think about the first mandation date, and test all of your internal processes before mandation. The recent announcement on favourable penalties for those in the beta test population will also be covered. Specifically the session will cover:

• new cumulative quarterly reporting
• three-line account – or not?
• what happens at the end of the year?
• what are the beta test requirements?
• how should I prepare my clients and my firm for this change?

Session 3: Current practical and tricky areas

Following on from last year’s successful deep dive session, Rebecca will once again look at a few areas of technical difficulty that you may encounter and explain the technical rules in detail. The precise topics will in part depend on what changes are announced and how these might present difficulty, but there will be content to enable you to brush up your knowledge of associated companies, and a detailed look at the boxes on the tax return dealing with adjustments required because of basis period reform.

Financial reporting

This session will cover:

• updates on all entities that prepare financial statements under FRS 102 and FRS 105 will be affected by these major changes
• updates on dealing with lease accounting under FRS 102 following the periodic review amendments
• other notable changes arising from the FRC’s periodic review
• overage of some of the more technically challenging areas, including:
  
  • dilapidation provisions
  • bank loans and loan arrangement fees
  • accounting for tax
  • Directors’ transactions
  • judgements and estimates
  • disclosure note problems
  • employee ownership trusts
  • recent court cases concerning tax/accounting treatments
  • understanding the small company thresholds properly
• Economic Crime and Corporate Transparency Act and its impact on accountants.

VAT update

Session 1: The VAT treatment conundrum of export of services

This subject can be pretty complex, and it’s always worth a recap of the rules starting at the basics in order to aid understanding.

Hence in addition to thinking about what an export of services actually is for these purposes, we will also think about the term place of supply and what that means before we move on to:

• the three stages for determining the VAT treatment of an export of services
• the default VAT treatment for an export of services
• special rules - what are they and how do they work?
• VAT treatment of some of the more common special rules including real life scenarios
• interaction with other countries rules
• when is a consultant not a consultant?
• invoicing requirements
• reverse charge.

Session 2: VAT update

Follow us into the world of VAT in 2024 so far, where we’ll explore any changes that have taken place, and delve into some recent case law and think about the issues these cases brought up.

This session will also focus on VAT registration and artificial separation of business otherwise known as disaggregation given the recent increase in the VAT registration threshold.

Session 3: VAT recovery restrictions

To claim VAT as input tax or not to claim, that is the question. Input VAT recovery has a number of restrictions, some more straightforward than others.

In this session we’ll look at the different restrictions and how they apply practically.

• Private use v Non-Business - what is the difference and how do these restrictions work?
• Exemption
• Capital Goods Scheme
• Employee expenses

Once purchased you'll be able to access the AAT Learning Portal where you'll have 12 months from the date to access the learning materials. AAT Learning Portal allows you to view all the courses you've purchased in one place, monitor your latest training activity and create goals to help you achieve your training aims.

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