This webinar 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 or knowledge of how VAT really works. This webinar provides much needed insight on the foundations on which the VAT system is based and is very beneficial to any person wanting to enter or exit the VAT system.
- Registrations - Supporting Documents and Forms that need to be filled in
- The importance of knowing the difference between voluntary and compulsory registrations
- Sale of a Going Concern and the subsequent VAT registration of the purchaser
- Registering separate activities, divisions and branches
- How to register for VAT on E-filing
- Managing your user profile and access rights on E-filing
- What constitutes a supply?
- The enterprise test – what activities are, and what activities are not
- Standard Rate, Zero Rate and Exempt – knowing the difference
- What to do when a VAT number is pending
- NEW VAT Vendor – Back Dating vs Back Claiming
- Supplies made to the person prior to registration – Section 18 (4) (b)
- Deregistration and Exit VAT
- Income Tax consequence of Exit VAT
- VAT Categories
- The 10-Day Rule
- Accrual Basis / Invoice Basis compared to Payment Basis
- Exceptions to the general time and value of supply
- Invoices – Complying with the SARS check list
- How to fill in the VAT201 form
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