Presenter: Russel Ngobeni
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.
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:
input tax (purchase tax).
output tax (sales tax).
Standard rate, zero rate and exempt supplies.
What is non-allowable?
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.