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 to charge VAT on sales (taxable supplies) and expenses that can be claimed (input tax credits). This session provides much needed insight on the VAT to be charged and input tax credits that can be claimed, and under which circumstance.

Content Discussed:

• 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
• Apportionment
• 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

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