VAT for Bookkeepers 2023
Presenters : Russel Ngobeni
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:
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Understanding of South African VAT legislation.
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Confidently identify and classify supplies.
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Correctly calculate VAT and complete VAT returns for timely submission.
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Have a strong appreciation of how VAT is administered by SARS.
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Understand the financial consequences of incorrect calculations and late submissions.
Content
The webinar will cover the following topics:
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What is VAT?
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Background to legislation:
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The Value Added Tax Act.
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The Tax Administration Act.
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Classification of supplies – taxable and non-taxable.
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Non-allowable expenses.
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The bases – invoice and payment.
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The VAT 201.
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Correction of errors.
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Document retention.
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Interest and penalties for mistakes and delays.
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Communicating VAT and its effect on cash flow.
