Value-Added Tax (VAT) is an essential part of any business and yet it is an area that is often overlooked or misunderstood, resulting in unnecessary penalties and interest being payable to SARS. Or simply an overpayment of your VAT account due to unknown claims that can be made.
This VAT POWER SEMINAR takes the learner on a journey that will assist in the preparation and maintenance of accounting records to understand VAT and the importance of the correct VAT treatment of transactions. It will demonstrate the timing of supplies and the correct VAT rate to apply in order to ensure that the correct amount of Output VAT is charged in the correct period. It will also clarify when the Input VAT you are entitled to can be claimed.
Whether you are a corporate decision-maker, a financial or tax manager, a small business owner, debtors or creditors clerk, or a financial professional wanting to refresh your VAT knowledge – you will benefit greatly from this VAT POWER SEMINAR.
This 4 session learning series is practical and example-focused and includes many examples of practical, day-to-day transactions and decisions that a VAT vendor would encounter and will apply the VAT principles applicable to each transaction.
SESSION 1: VAT FUNDAMENTALS AND FOUNDATIONS
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 VAT works. This session 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 to fill 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 before 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 checklist
- How to fill in the VAT201 form
Certificate of 3 CPD hours issued on completion of course.
COST PER DELEGATE FOR ALL 4 SESSIONS: