The VAT Sales & Purchases Webinar (Part 1 of 2) 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). This session provides much needed insight on the vat to be charged and input tax credits that can be claimed, and under which circumstances.



Topics 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