Price:
R476.10 (VAT Incl.)
Level:
Tax professionals
Sub-level:
Income tax
Lecturer:
Corlia Faurie
Duration:
120 Minutes
Additionals:
R476.10 (VAT Incl.)
Level:
Tax professionals
Sub-level:
Income tax
Lecturer:
Corlia Faurie
Duration:
120 Minutes
Additionals:
CPD Assessment
Certificate
Certificate
Lesson Outline
This lesson covers the following:
• Overview of the basic rules of VAT:
o What is a supply, when and how would output VAT be charged and accounted for
o When should input tax be claimed and on which expense or asset items is it allowed
o Accounting basis for VAT and VAT invoices
o Distinguishing between standard rated, zero rated and exempt supplies
• General principles of accounting for VAT in the accounting records
• Specific transactions for accountants to look out for and their VAT treatment (please note that this session does not provide a full, in depth coverage of these elements but serves as an overview of the general working thereof):
o Deemed supplies such as fringe benefits and insurance pay-outs
o Leases (operating and finance leases, as well as instalment sales agreements)
o Exports and imports
o Accommodation (residential and commercial)
o Bad and doubtful debts and the 12-month creditor rule
o Mixed supplies and single considerations
o Deposits and discounts
o Cost recoveries and recharges
• Completing and submitting the VAT 201 return
• Reconciliations for VAT (internal as well as the IT14SD)
• Practical issues in the VAT environment
• Overview of the basic rules of VAT:
o What is a supply, when and how would output VAT be charged and accounted for
o When should input tax be claimed and on which expense or asset items is it allowed
o Accounting basis for VAT and VAT invoices
o Distinguishing between standard rated, zero rated and exempt supplies
• General principles of accounting for VAT in the accounting records
• Specific transactions for accountants to look out for and their VAT treatment (please note that this session does not provide a full, in depth coverage of these elements but serves as an overview of the general working thereof):
o Deemed supplies such as fringe benefits and insurance pay-outs
o Leases (operating and finance leases, as well as instalment sales agreements)
o Exports and imports
o Accommodation (residential and commercial)
o Bad and doubtful debts and the 12-month creditor rule
o Mixed supplies and single considerations
o Deposits and discounts
o Cost recoveries and recharges
• Completing and submitting the VAT 201 return
• Reconciliations for VAT (internal as well as the IT14SD)
• Practical issues in the VAT environment