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.

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

Certificate of 3 CPD hours issued on completion of course.

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