ISBA has published two comprehensive guides to support bursars and their teams to implement VAT on school fees. Both documents have been produced in collaboration with Crowe, and ISBA recommend schools download and distribute to all those involved in preparing the school systems as a matter of priority and use as part of their planning. Please click below to download these documents (please note an ISBA login is required):
- Planning for VAT implementation: a practical guide
A list of practical activities to ensure your school is maximising the time available to prepare for VAT, including communications with all affected parties and advising of all resulting changes in school processes and fee rates. - Practical VAT Guide: Appendices
This document provides a crib sheet, based on current HMRC guidance of VAT rates and applicability. These templates can be used to assess operations and income streams in preparation for VAT implementation.
ISBA plan to update this guidance and add further resources to their reference library over the coming weeks for schools to consider utilising. These will include:
- VAT templates for Business-non-Business, Partial Exemption and Capital Goods Scheme calculations: this will aim to assist schools in understanding and preparing for their first VAT year-end adjustments.
- Template Budget / Reforecast 2024/25 spreadsheet: for schools to use in reforecasting their current year budgets, resulting from the impact of VAT on school fee rates and reclaims on inputs from 1/1/25.
- Scenario Planner for 2025/26 and beyond: to assist schools in assessing the longer-term strategic view on school operations and finances.
