Overview   

Value Added Tax (VAT) is an important contributor to government's tax revenue (25% contribution last year according to the SARS publication Tax Statistics 2022).  

Full understanding by bookkeepers of what VAT is and how it is administered by SARS is vital as there are penalties and interest charges levied for late submissions and overdue payments. Besides the obvious timely submission of VAT returns, clients also need their bookkeepers/ accountants to assist with cash flow planning which is directly affected by VAT inflows and outflows.  

Join Russel Ngobeni as he takes you through the practical calculations of VAT as well as its administration by SARS. Attending this webinar will also highlight information that can be passed on to SME clients who are struggling with cash flow.  

Learning objectives  

By attending this webinar you will gain the following competencies: 

• Understanding of South African VAT legislation. 

• Confidently identify and classify supplies.  

• Correctly calculate VAT and complete VAT returns for timely submission. 

• Have a strong appreciation of how VAT is administered by SARS. 

• Understand the financial consequences of incorrect calculations and late submissions.  

Content 

The webinar will cover the following topics:  

• What is VAT? 

• Background to legislation: 

  • The Value Added Tax Act. 

  • The Tax Administration Act. 

• Classification of supplies – taxable and non-taxable. 

• Non-allowable expenses. 

• The bases – invoice and payment. 

• The VAT 201. 

• Correction of errors. 

• Document retention. 

• Interest and penalties for mistakes and delays. 

• Communicating VAT and its effect on cash flow. 

Obtaining your CPD certificate 

This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA. 

All attendees are issued with a CPD certificate available in an online profile.   

About the presenter 

Russel Ngobeni BAP 

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. 

In 2014 Russel founded Shinyawani Group of Companies (Pty) Ltd.  In 2016, the Free State province recognised him as one of the best 12 Young Entrepreneurs in the province during the 2016 Macufe Trade Bridge. He also won first runner up for the 2016 Young Entrepreneur of the Year Award at the Free State Youth Chamber of Commerce and Industries Awards. 

Who should attend? 

The following persons will benefit from attending this webinar: 

• Bookkeepers 

• Practising accountants including: CA(SA), Professional Accountant (SA), AGA(SA), FCCA, BAP(SA), 

• BA(SA) and ACCA. 

Price            

• R 450.00 - Online admission - Individual. 

• Group Price 1 - From R184 per person (up to 5 users) 

• Group Price 2 - From R121 per person (up to 10 users) 

• Group Price 3 - From R109 per person (over 11 users) 

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: 

• A 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 the presenter after the webinar.