Gravita VAT Partner, Sandy Cochrane, and Gravita Audit Partner, Shona Munday, Audit Partner, presented an insightful webinar to help schools navigate these changes and plan for the future.
Labour has long promised to impose VAT on school fees, and now that this has become a reality, including the changes to business rates, schools need to review their financial position to adapt their processes accordingly.
This webinar covered the following topics:
- Conducting financial reviews for private schools: Identifying and implementing cost-saving measures
- Maximising charity exemptions
- Maintaining school facilities
- Diversification of income: Laying the groundwork for proper income accounting
- Enhancing endowment revenues
- Understanding the ‘no retrospective effect’ of these changes
- Exploring VAT recovery opportunities
- Ensuring continued support for special educational needs and disabilities (SEND)
- Blocking of pre-payments
- Capital goods scheme and reclaiming VAT
What next?
Should you have any questions, please do not hesitate to contact Sandy Cochrane, Shona Munday, or get in touch with us at hello@gravita.com.
