This VAT course explains VAT international transactions in goods and services. It begins by showing how the destination system of VAT operates when goods move between VAT registered traders in the EU, and how the system is modified to tackle carousel fraud. It also shows how import VAT operates when goods enter the EU from the outside.
It then shows how the rules apply to cross border supplies of services both before and after the changes which came into force on 1 January 2010 and 2011. Finally, the rules on claiming refunds of ‘out of state’ VAT are covered.
On completion of this online course, you will gain an understanding of:
- how VAT operates on cross border supplies of goods in the EU
- how the ‘reverse charge’ is accounted for by the customer
- the measures taken by the UK government to counter carousel fraud
- how VAT applies to imports
- the rules on cross border supplies of services
- how refunds are claimed for ‘out of state’ VAT.