Overview
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 Seanego Phillemon Thupishi BAP(SA) on 05 May 2021 from 09:00 a.m. to 11:00 a.m. as he takes you through how to correctly process and administer VAT for yourself and your clients.
Learning objectives
By the end of this webinar the participant should:
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Know and understand how VAT is administered;
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Have a practical understanding of VAT calculations;
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Know how to classify different types of supplies;
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Know SARS timelines as well as their penalties and interest charges; and
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Understand how VAT payable or refundable affects a business' cash flow.
Content
The webinar will cover the following topics:
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Background to the VAT Act No. 89 of 1991.
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Compulsory and voluntary registration for VAT;
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Responsibilities resulting from VAT registration;
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Working with VAT:
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Standard rate, zero rate and exempt supplies.
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Taxable and non-taxable supplies;
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VAT input and output;
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Non-allowable expenses; and
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Invoice and payment basis.
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Important VAT rules:
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Document retention;
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Preparation and presentation of tax invoices;
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Accounting for VAT on deposits;
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Accounting for VAT on bad debt relief;
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Correction of VAT errors; and
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Interest and penalties for mistakes and delays.
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VAT and its effect on business cash flow.
Obtaining your CPD certificate
This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies.
All attendees are issued with a CPD certificate available in an online profile.
About the presenter
Seanego Phillemon Thupishi BAP(SA)
Seanego Phillemon Thupishi is the holder of a BCom Accounting degree, BCom Law and a Postgraduate Certificate in Accounting. He is a registered General Tax Practitioner with SAIT, a Business Accountant in Practice with SAIBA and an Independent Review Practitioner.
Seanego worked at Makgoba and Associate as Bookkeeper from 2011 to 2015 and also worked at AccaTax accounting firm. In 2017 he opened His Accounting firm in Mokopane then branched to Lephalale, and Secunda. Most of his work involves VAT Audits and all the cases he has been involved in so far have been successful.
Who should attend?
The following persons will benefit from attending this webinar:
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Practising bookkeepers;
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Professional Accountants including: CA(SA), PA(SA) and BAP(SA);
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Accounting officers;
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Trainee accountants; and
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Accounting department staff.
Price
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R 475.00 - Online admission - Individual.
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R 950.00 - Online admission - Company.
Steps to register for the event:
If you already have a profile, login and register for the webinar.
If you don’t have a profile, create a free profile then login and register for the webinar.
Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series).
Click here to find out about the Technical Resource Centre & CPD Subscription options.
Additional material
By attending this webinar you will be provided with:
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Summarised slide presentation
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Reference documents and / or course material where available
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You can ask questions during the webinar and you will also have access to me the presenter after the webinar