VAT for Bookkeepers 2021

WHAT YOU WILL LEARN

After attending this webinar you will be able to:

• Know and understand how VAT is administered;
• Have a practical understanding of VAT calculations;
• Know how to classify different types of supplies;
• Know SARS timelines as well as their penalties and interest charges; and
• Understand how VAT payable or refundable affects a business’ cash flow.

DESCRIPTION

A large part of the bookkeeping function involves processing VAT. It is therefore important for every practising bookkeeper/accountant to have full knowledge of how to determine the types of goods and services that are taxable as well as the correct completion and submission of VAT returns, including relevant documents retention. 

SARS charges penalties and interest on late submissions and payments so it is important to know their deadlines too. Correctly determining VAT payable or refundable and avoiding these penalties also helps to minimise internal cash flow problems. This is very important in the case of the majority of SMEs which currently struggle with their cash flows. 

Join us as we take you through how to correctly process and administer VAT for yourself and your clients.   

PRICE

The following pricing apply:
Ad hoc: R475.00
Subscription: Included for free in the Bookkeeper package.

CONTENT

Study unit 1

Background to the VAT Act No. 89 of 1991.

Study unit 2

Compulsory and voluntary registration for VAT

Study unit 3

Responsibilities resulting from VAT registration

Study unit 4

Working with VAT:

• Standard rate, zero rate and exempt supplies. 
• Taxable and non-taxable supplies;
• VAT input and output;  
• Non-allowable expenses; and 
• Invoice and payment basis

Study unit 5

Important VAT rules:

• Document retention;
• Preparation and presentation of tax invoices;
• Accounting for VAT on deposits;
• Accounting for VAT on bad debt relief;
• Correction of VAT errors; and
• Interest and penalties for mistakes and delays.

Study unit 6

VAT and its effect on business cash flow

REQUIREMENTS

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date

PRESENTER

By attending this webinar, you will be provided with:
– Summarised slide presentation.
– Reference documents and / or course material where available.
– Access to a technical knowledge base.
– Recorded webinar that includes an expert presenter and participant interaction.