Attending the course and successfully completing the post-assessment, will grant you
2 hour/s verifiable CPD, recognised by the various
professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc). Please note that the
CPD certificate will only be issued once the post-assessment has been completed.
Accounting is often mistaken as just that – the accounting of transactions based on general accounting frameworks and standards.
However, when registered for VAT, accountants are also charged with the responsibility of processing VAT in the accounting records and for the submission and payment of the VAT returns.
This course aims to assist accountants in performing these duties of accounting for and submitting VAT.
This session will cover the following:
• Overview of the basic rules of VAT:
o What is a supply, when and how would output VAT be charged and accounted for
o When should input tax be claimed and on which expense or asset items is it allowed
o Accounting basis for VAT and VAT invoices
o Distinguishing between standard rated, zero rated and exempt supplies
• General principles of accounting for VAT in the accounting records
• Specific transactions for accountants to look out for and their VAT treatment (please note that this session does not provide a full, in depth coverage of these elements but serves as an overview of the general working thereof):
o Deemed supplies such as fringe benefits and insurance pay-outs
o Leases (operating and finance leases, as well as instalment sales agreements)
o Exports and imports
o Accommodation (residential and commercial)
o Bad and doubtful debts and the 12-month creditor rule
o Mixed supplies and single considerations
o Deposits and discounts
o Cost recoveries and recharges
• Completing and submitting the VAT 201 return
• Reconciliations for VAT (internal as well as the IT14SD)
• Practical issues in the VAT environment
All accounting or tax professionals or vendors charged with the responsibility of accounting for and submitting VAT returns.
