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Accounting For Value Added Tax (With Updates)

1 Day Training

Dates: Available on Request
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on Request

This is a Non-accredited Course

Course Introduction

The Accounting For Value Added Tax (With Updates) course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls to be applied, to ensure the timely submission of complete and accurate VAT returns. It will also discuss the powers of the Revenue and Customs and the penalties which they can apply if VAT returns are incomplete or inaccurate, or submitted late. This course will further assist people who are involved in the preparation and maintenance of records for VAT purposes and to understand the implications of VAT and the importance of keeping proper records to collect the necessary information to complete VAT returns correctly.

Course Objectives

The proposed new rules governing indirect exports by road or rail which are critical developments for all vendors exporting into Africa:

  • The difference between costs and Allowances.

  • Costs linked to fringe benefits.

  • The treatment of cell phones and computers provided to employees.

  • The treatment of year-end functions where contributions are made by employee social clubs.

  • The proof required before input tax on bad debts can be claimed.

  • The meaning of goods or services consumed while making taxable supplies.

  • The new rules governing fixed property; and the impact of the Tax administration Act VAT

Who should attend?

All financial and administrative managers and staff will benefit from this seminar. It is aimed at anyone who needs to comply with all the statutory requirements as they relate to VAT.

Training methodology

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

  1. About VAT

  • VAT Act, Registration & Tax Periods

  • Payment vs. Invoice Basis

  • Taxable, Zero-Rated, Deemed &

  • Exempt Supplies & Time of Supply

  1. How to Calculate the VAT Liability

  • Determining VAT Output & Input

  • Change in Use Adjustments

  • Completing the VAT 201 Return

  • Payments, Penalties & Refunds

  1. Reconciliations

  • Reconciliations

  • VAT Audits

  1. Some Common Transactions

  • Property

  • Insurance

  • Sale of Used Goods & Assets

  • Motor Vehicles

  • Fringe Benefits

  • Entertainment & Travel

  • Trade Discounts

  • Prizes

  • Subscriptions

  • Bad & Irrecoverable Debts

  1. VAT Related Documentation

  • Valid Tax Invoices

  • Valid Credit Notes

  • Copies, Faxes & Emails of Invoices &

  • Credit Notes

  • Records – Format & Retention

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