Financial Management 1- Bookkeeping, VAT and Making Tax Digital (MTD)

 Financial Management 1- Bookkeeping, VAT and Making Tax Digital (MTD)

Awarding Body

LANTRA

Target audience

Our course is for you if you want to improve your skills and knowledge in finance and VAT              and be more effective at work, especially if you are involved in a rural or other small   business, such as sole traders and partnerships.

Description

Our course will help you to gain the required level of financial knowledge, understand what         your accountant will need and avoid financial pitfalls.  The course will concentrate on                 keeping financial records and how to record VAT so you are prepared when it's time to               complete the necessary forms. You'll also have time to look at filing, Making Tax Digital           (MTD) and what your accountant will need at year-end. The course will help you to   know, how to keep yourself up to date on legislation, and to understand the differences                between tax accounting and management accounts.

Course sessions:

§  HMRC and accounting requirements

§  Overview of Making Tax Digital (MTD)

§  How VAT works

§  Designing a bookkeeping system to facilitate management accounting

§  Streamlining processes in financial administration of the business

What will be covered?

By the end of this course, you'll be able to:

§  understand the basics of HMRC and accounting requirements

§  describe the basics of Making Tax Digital (MTD)

§  identify how to find appropriate support for individual requirements based on the latest  developments

§  define procedures required by HMRC in reporting VAT

§  understand different VAT rates

§  identify tax allowable business expenditure

§  recognise VAT invoices

§  calculate VAT

§  describe the basics of bookkeeping and accounting methods

§  examine the features of an accounts spreadsheet

§  record transactions for VAT returns

§  allocate transactions to relevant headings to produce management accounts

§  review financial administration processes and identify areas for improvement of a business  

§  extract information from management accounts

§  develop a bookkeeping system relevant to the business

§  create an accounts spreadsheet

Duration:

1 day

Prerequisites:

None

Funding Available:

Yes

For more details or to enquire about costs and availability please contact Jimmy Hughes Services on 01597 850080 or jhsltd@btinternet.com