The journey to coming to terms with taxes starts with the first step: understanding the bottom line and the basic principles that govern it.
This session will cover the following:
• Becoming liable and registering as a VAT vendor:
o What is an enterprise?
o When does VAT registration become compulsory?
o How does one determine the value of your taxable supplies for registration requirements?
o What happens when you cease to be a vendor?
• The driving force behind output VAT:
o What is a supply?
o When would output VAT have to be charged?
o What is the value on which output VAT will be based?
o When may vendors claim input taxes and when would it be denied?
• Knowing your supplies: distinguish between standard rated, zero rated and exempt
• Knowing your VAT periods and accounting basis
• VAT invoices, quotes and other related documents
• Navigating the eFiling system as a VAT vendor and completing the VAT201 return
All accounting or tax professionals or vendors charged with the responsibility of accounting for and submitting VAT returns.
