Accounting
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VAT For Bookkeepers 2019 - Studio Recording

CPD Hours: 2

Price: R475.00


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VAT For Bookkeepers 2019 - Studio Recording


VAT For Bookkeepers 2019

Presenter: Russel Ngobeni


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. 

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