2-Part Webinar Series: Essentials of VAT
The Essentials of VAT sessions will ensure that you have a thorough understanding of the key VAT principles, including areas where the most common mistake happens. It will help you clarify your understanding of the VAT treatment of typical day-to-day transactions.
Part 1: Output Tax
- Basic introduction to VAT:
- The basic VAT calculation
- Registration as a VAT vendor
- Invoice vs payment basis of accounting for VAT
- Overview of types of supplies
- Overview of when a vendor is liable for VAT (including the definitions of ‘enterprise’, ‘supply’, ‘goods’ & ‘services’)
- Consideration and value of a supply (including the VAT treatment of donations and deposits)
- Value & time of supply
- Overview of zero- rated and exempt supplies
- Deeming provisions, including:
- Fringe benefits
- Indemnity payments
- Debit and credit notes
- Other output tax adjustments
We work through many practical, day-to-day transactions that a debtors clerk would encounter, and will apply VAT principles covered to each transaction.
Part 2: Input Tax
- A basic understanding of input tax
- The documentary requirements (including electronic invoices)
- Recipient created invoices
- Input tax specifically denied (i.e. entertainment, motor car and subscriptions).
- Reimbursements and credit cards
- Notional input tax on second-hand goods
- When and how to apportionment of input tax deductions
- VAT treatment of agent/principal transactions
- VAT treatment of company-cross charges
- Other input tax adjustments
We work through many practical, day-to-day, transactions that a creditors clerk would encounter, and will apply VAT principles covered to each transaction.
Cost: R1 380 (inclusive of VAT) / R1 200 (exclusive of VAT) per person
This webinar series will contribute to 4 hours CPD/CPE
