This session is designed for individuals, staff and financial management that are required to calculate and submit VAT returns for a business and have no or very little understanding/ knowledge of how to charge VAT on sales (taxable supplies) and expenses that can be claimed (input tax credits).
The session provides much-needed insight on the VAT to be charged and input tax credits that can be claimed, and under which circumstances.
- Accounting for VAT
- Invoice basis vs Payment Basis
- Different types of supplies (Standard Rate, Zero Rate & Exempt)
- Time of Supply (when VAT is triggered)
- When there is a change of rate (for example 14% to 15%)
- Connected Persons
- Progressive, Successive and Periodic supplies
- Instalment Sales Agreements
- Fixed Property
- Lay-By Agreements
- Machines, meters and other devices
- Betting Transactions
- Supplies made by a branch in a foreign country
- Fringe Benefits
- Deemed Supplies
- Insurance Indemnity Payments
- Mixed / Combined supplies
- SECTION 8 (27) – Excess Receipts
- SECTION 8 (14) – Deemed Non-Supplies
- Adjustments / Change in Use
- SECTION 18 (A) – Adjustments in respect of zero rated acquisitions
- Standard Rated supplies – goods and services
- Zero Rated supplies – goods and services
Certificate of 3 CPD hours issued on completion of course.
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