Vat for Bookkeepers 2020 - Webinar on Demand
Presenters : Russel Ngobeni
Learning objectives
By the end of this event the participant should:
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Have a good understanding of how VAT is administered in South Africa.
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Have a broad understanding of the VAT Act.
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Have a practical understanding of how to work with VAT in the accounting cycle.
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Know the penalties and interests for late submission of returns and payments due.
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Understand that VAT payable or refundable affects the cashflow of a business.
Content
The webinar will cover the following topics:
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The VAT Act and VAT administration in South Africa;
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Compulsory and voluntary registration for VAT;
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Responsibilities resulting from VAT registration;
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Important VAT terms:
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taxable supplies.
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input tax (purchase tax).
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output tax (sales tax).
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Standard rate, zero rate and exempt supplies.
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What is non-allowable?
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Invoice basis.
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Payment basis.
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Important VAT rules:
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the keeping of VAT records.
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the preparation and presentation of invoices
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accounting for VAT on deposits.
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accounting for VAT bad debt relief.
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the correction of VAT errors.
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Interest and penalties for mistakes and delays.
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VAT and business cash flow.
