VAT Essentials for Bookkeepers 2024
Presenters : Sydney Zizipa
Overview
Understanding VAT is more than just about calculating figures; it’s about understanding the journey of goods and services through various stages and how these transactions are recorded.
As a bookkeeper, you play a vital role in tracking these changes and ensuring that VAT is applied correctly at each stage. This involves a thorough understanding of VAT rates, valid invoicing for VAT, input and output VAT, as well as exemptions. Background knowledge of the VAT Act and the Tax Administration Act is also vital.
Join Sydney Zizipa CGMA for a comprehensive discussion aimed at providing you with a solid foundation to manage VAT confidently and proficiently.
Learning objectives
By attending this webinar you will gain the following competencies:
• Understanding VAT Legislation
• Mastering VAT Calculations and VAT Reconciliations
• Efficiently Submitting VAT 201 Returns
• Managing VAT Periods and Deadlines
• Recognising the Role of Bookkeepers in VAT Administration
• Applying Specific VAT Rules
Content
The webinar will cover the following topics:
• Overview of VAT Legislation
o Introduction to the Value-Added Tax Act 89 of 1991
o Role of SARS in VAT Administration
o Key Amendments and Updates in VAT Legislation
• Place, Time, and Value of Supplies
o Place of Supply Rules
o Time of Supply Regulations
o Calculating the Value of Supply
• VAT Registration
o Criteria for Compulsory and Voluntary Registration
o Registration Process and Requirements
• VAT for Non-Residents
o VAT Obligations for Foreign Entities
o Special Provisions for Electronic Services
• VAT Rates and Scope
o Standard and Zero-rated Supplies
o Exempt Supplies
o Input and Output Tax Calculations
• VAT Compliance
o Tax Periods and Accounting Basis
o Filing VAT Returns and Making Payments
• VAT Refunds and Dispute Resolution
o Claiming VAT Refunds
o Handling Objections and Appeals
