The Hub
Taxation
Find out more below about Value Added Tax (VAT), how to submit your VAT return and how schools must adopt the procedures issued by the local authority in connection with Construction Industry Taxation Scheme (CITS)
Valued Added Tax
Maintained schools are covered by the LBWF VAT registration number. Local authorities and maintained schools are able to recover input VAT charged on relevant goods and services.
The Local Authorities (LAs) Corporate Finance Team provide guidance on VAT returns, which must be observed by schools, alongside any other instructions issued by HM Revenue and Customs.
The LA Corporate Finance Team process monthly VAT returns for the school and provide advice on VAT issues. All VAT recovered from HM Revenue and Customs in respect of school expenditure is reimbursement via BACS to the school bank account.
Schools are responsible for the correct declaration of input and output VAT.
Importance of submitting regular VAT returns
- schools who do not submit monthly VAT returns are at risk of experiencing cash flow issues
- late submissions of VAT returns are an indication that the financial ledger is not up to date
- the LA may suspend advances for non-payroll costs were VAT returns are more that two months late.
Download VAT return template and guidance
Contact:
Education Finance
- Tel: 020 8496 4232
- Email: educationfinance@walthamforest.gov.uk
Construction Industry Taxation Scheme (CITS)
Schools must adopt the procedures issued by the LA in connection with CITs
Download VAT return template and guidance
More information on taxation can be found in Waltham Forest's Scheme for Financing Schools.