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FI 9 Value Added Tax

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FI 9 Value Added Tax

Preamble

Generally the Authority is able to recover the excess of Value Added Tax (VAT) incurred on payments made over that received in income collected and this applies to transactions by schools relating to their official budgets. It is important that the correct accounting treatment is applied at schools in respect of VAT in order to avoid penalties being imposed by HM Revenue and Customs. Detailed guidance on accounting for VAT issued by the Head of Finance is available on SchoolsWeb.

Instructions

9.1     Headteachers are responsible for correctly accounting for VAT in respect of both income and expenditure. Where any doubt exists about the correct VAT treatment the Head of Finance should be consulted.

9.2     The Head of Finance is responsible for the Authority's VAT returns to HM Revenue and Customs.  The written agreement of the Head of Finance is required for any alternative arrangements. Where a school operates a local bank account the Headteacher is responsible for submitting the necessary claims for the recovery of VAT in accordance with the dates specified by the Head of Finance.

9.3     Any VAT misdeclaration, penalty and interest charges will be the responsibility of the Headteacher and will be charged to the school's budget, unless it results from incorrect guidance from the Head of Finance.

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