Accounting is often mistaken as just that – the accounting of transactions based on general accounting frameworks and standards. However, if a company is also registered for VAT, their accountants are also charged with the responsibility of processing VAT on the same transactions, and possibly also for the submission and payment of the VAT returns.
We offer a session dedicated to assist accountants in performing these duties, by discussing the VAT implications of various general business transactions through a practical approach.
This session will address matters including, but not limited to, the following:
• What is a supply, when and how would output VAT have to be accounted for
• When may input tax be claimed on expenditure and assets
• Accounting basis for VAT and VAT invoices
• Specific transactions:
o Deemed supplies
o Leases
o Certain exempt and zero-rated supplies
o Fixed assets (including motor vehicles)
• Administrative rules on submission and reconciliation
• Practical issues encountered with VAT
