The Budget on 30 October 2024 confirmed that private schools will have to charge VAT on tuition fees and boarding fees from 1 January 2025. This webinar provides practical advice for schools, and their accountants, helping them be ready for the new rules.
These changes will have a massive impact on private schools who generally, up until now, have not had to register for VAT. The short period for preparation means that schools must work quickly to determine how they will be affected, what they must charge VAT on and when they must register for VAT. This webinar will provide practical advice for schools, helping them be ready for the new rules.
In this webinar we cover:
- Which schools are affected by the new rules.
- The position of specialist schools and colleges, including therapy sessions and the treatment of grant income.
- How the new rules apply to tuition and boarding fees and other income streams for private schools.
- How 'closely related' goods and services e.g. catering and transport are to be treated.
- When schools must register for VAT.
- How much VAT can be recovered on costs, including costs incurred before VAT registration.
- The VAT that can be recovered on construction and refurbishment projects which have taken place in the last 10 years.
- The changes required to accounting systems.
- The processes involved in completing VAT returns.
Broadcast 12 December 2024
Download the slides
Additional resources
ICAEW Rep 067/24 Applying VAT to private school fees