Accounting for Value Added Tax Workshop
2 Day Training
Dates: 27 – 28 February 2025
Locations: Safi Suites and Conference Centre, East London
Platform: Available In-Class / Online
Price: Available on Request
Course Introduction
The Accounting for Value Added Tax Workshop 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
It is aimed at anyone who needs to comply with all the statutory requirements as they relate to VAT. 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.
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
About VAT
VAT Act, Registration & Tax Periods
Payment vs. Invoice Basis
Taxable, Zero-Rated, Deemed &
Exempt Supplies & Time of Supply
How to Calculate the VAT Liability
Determining VAT Output & Input
Change in Use Adjustments
Completing the VAT 201 Return
Payments, Penalties & Refunds
Reconciliations
Reconciliations
VAT Audits
Some Common Transactions
Property
Insurance
Sale of Used Goods & Assets
Motor Vehicles
Fringe Benefits
Entertainment & Travel
Trade Discounts
Prizes
Subscriptions
Bad & Irrecoverable Debts
VAT Related Documentation
Valid Tax Invoices
Valid Credit Notes
Copies, Faxes & Emails of Invoices &
Credit Notes
Records – Format & Retention
