Attendance at this seminar will secure 6.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Jeanmari Van Der Schyff
011-886-1395
nerissa@probetatraining.co.za
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.
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 basics 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 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
