VAT Refresher 2020

WHAT YOU WILL LEARN

After attending this webinar you will:

• Understand the latest changes and amendments to VAT
• Be able to complete the IT14SA and perform the output and input tax reconciliations
• Advise clients as to the latest VAT amendments.
• Train your staff to prepare VAT returns in line with the latest amendments.
• Adjust your VAT working procedures.

DESCRIPTION

The CPD Event combines tax technical content with practical application and will not only assist the vendor in managing the VAT responsibilities on a day-to-day basis, but will also guide the taxpayer to manage complex transactions including but not limited to the apportionment of input tax, immovable property transactions, group reorganisations and change in use adjustments. Participants will be guided on how to plan for, and complete the IT 14SD in so far as output tax and input tax reconciliations are concerned.
The course is case study based whereby complex principles are explained on a simple, understandable and practical basis.

PRICE

The following pricing apply:
Ad hoc: R575.00
Subscription: Included for free in Accountant in Practice plus Tax package.

CONTENT

• Overview of important definitions in the VAT Act.
• Understanding the lay-out of the VAT Act.
• Supplies made by the vendor:
  • • Taxable supplies
    • Standard rated supplies
    • Zero Rated supplies
• Goods
  • • Direct exports
    • Indirect exports
    • Going concerns
• Services
  • • Non-taxable supplies
      • • Exempt supplies
        • Non-supplies
    • Time of supplies
    • Deemed supplies
      • • Insurance
        • Fringe benefits
        • Section 8(27) excess payments
        • Deregistration as vendor
• Supplies made to the vendor
  • • Link between the purpose of the expense and the treatment of input tax.
    • Documentary evidence required for claim of input tax.
    • Claim of input tax actually paid/incurred.
    • Notional input tax deductions.
      • • Second hand goods
        • Insurance
    • Denial of input tax
      • • Motor Cars
        • Entertainment
        • Sports, recreational and social club subscriptions
• Special rules on immovable property
• VAT on bad debts written off and bad debts recovered
• VAT consequences of repossessions
• VAT on discounts
  • • Trade discounts
    • Early settlement discounts
    • Negotiated discounts
• VAT on imports
  • • Imported goods
    • Imported services
• Requirements for valid tax invoices, debit notes and credit notes.
• VAT treatment of company reorganisations, mergers and acquisitions.
• Change in use adjustments – some practical examples.
• Apportionment of input tax
  • • Turnover based method
    • Special methods
• The IT14SD
  • • Reconciling output VAT to turnover per the AFS
    • Reconciling input VAT to cost of sales per the AFS

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.