Overview   

Determining, calculating, completing, and keeping the correct supporting documents when preparing a VAT return is crucial to avoid incurring unnecessary penalties and interests from SARS. Internally, the cash flow of a business may be adversely affected by the incorrect determination of VAT payable to SARS. This is especially true for SMEs.

In this webinar Russel Ngobeni will share with you his experience and show you how to save time and work more effectively to ensure you are competent relating to the basics of VAT processing and calculations.

Learning objectives  

By the end of this event the participant should: 

• Have a good understanding of how VAT is administered in South Africa. 

• Have a broad understanding of the VAT Act. 

• Have a practical understanding of how to work with VAT in the accounting cycle. 

• Know the penalties and interests for late submission of returns and payments due. 

• Understand that VAT payable or refundable affects the cashflow of a business. 

Content 

The webinar will cover the following topics:  

• The VAT Act and VAT administration in South Africa;  

• Compulsory and voluntary registration for VAT; 

• Responsibilities resulting from VAT registration; 

• Important VAT terms: 

  • taxable supplies. 

  • input tax (purchase tax). 

  • output tax (sales tax). 

  • Standard rate, zero rate and exempt supplies.   

  • What is non-allowable? 

  • Invoice basis. 

  • Payment basis. 

• Important VAT rules: 

  • the keeping of VAT records. 

  • the preparation and presentation of invoices  

  • accounting for VAT on deposits. 

  • accounting for VAT bad debt relief. 

  • the correction of VAT errors. 

  • Interest and penalties for mistakes and delays. 

• VAT and 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. Complete the free online assessment at the end of the event and receive an additional 1 CPD hour. 

About the presenter 

Russel Ngobeni 

Russel is a registered Business Accountant in Practice through the Southern Institute for Business Accountants (SAIBA), and a registered Tax practitioner through the South African Institute of Tax Practitioners (SAIT). He holds a Bachelor of Accounting Science degree from the University of South Africa and a National Diploma in Financial Information Systems from Tshwane University of Technology. 

Who should attend 

The following persons will benefit from attending this webinar: 

• Bookkeepers;  

• Accounting technicians;  

• Trainee accountants. 

Price: 

• R 475.00 Online admission - Individual.

• R 950.00 Online admission - Company.

Choose Individual if you would like to attend this event yourself or choose Company if you would like to share this event to with your entire firm.

• This webinar is free for CPD Bookkeeper Subscribers.

Steps to register for the event:  

1. Click on register. 

2. Create a free profile and become a free member. 

3. Register for the event and check out.  

Or  

Find out more about the benefits of being a CPD subscriber and attend this event for free - Click here. 

Additional material  

By attending this webinar you will be provided with: 

• Summarised slide presentation 

• Reference documents and / or course material where available 

• You can ask questions during the webinar and you will also have access to me the presenter after the webinar