Date of issue: 7th November 2003

Seminar Advice on Key Vat and Property Issues

A leading Birmingham firm of chartered accountants is encouraging small and medium-sized businesses to improve their understanding of VAT and property and so avoid potential pitfalls.

Clement Keys, Birmingham teamed up with Croner Training - which specialises in training courses and in-company programmes on health and safety, employment law and HR, payroll and tax - to deliver a seminar on the key issues.

Thirty-five people attended the one-day event at the Holiday Inn Kensington Forum hotel, which was presented by Steven Simmonds, director of VAT services at Clement Keys, Birmingham.

The seminar was designed to update anyone who deals with commercial property, including finance personnel, accountants, estates managers and tax controllers. All the basic concepts were discussed, including recent changes in legislation and developments introduced by the Finance Act 1999 and the Finance Bill 2000. Steve Simmonds also examined in detail the VAT treatment of the UK's construction industry, land transactions and supplies between landlords and tenants.

"The aim of the seminar was to help those responsible for finance within SMEs to refresh their knowledge, so that they can recognise various complexities in property transactions and avoid VAT assessments, interest and penalties," said Steve Simmonds.

Delegates representing the property and construction industries and charities were helped to identify the different liabilities involved in property transactions and to understand when these transactions may be affected by anti-avoidance legislation. The seminar also discussed how to anticipate the implications of property ownership and the special VAT accounting rules governing the construction industry.

David Podger, commercial director of Croner Training, said: "Given his experience in Customs and Excise and in accountancy practice Steve Simmonds is eminently qualified to lead discussion in this complex area and we were delighted to secure someone of his calibre as presenter.

"VAT and property is new to our 2003/2004 seminar programme and the interest it has attracted proves how directly relevant the subject matter is to SMEs operating across a variety of business sectors."

Steve Simmonds has agreed to present two further VAT and property seminars in conjunction with Croner Training in April and October 2004.