If you are responsible for processing VAT in the accounting records and for submitting and paying the VAT returns or responsible for auditing VAT, then this webinar is for you.
The course aims to assist accountants and auditors in performing these duties of accounting for and auditing VAT.
• Overview of the basic rules of VAT:
o What is a supply, and 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 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
• Reconciliations for VAT
• Practical issues in the VAT environment.
Accountants and Auditors, even trainees, with a basic foundation of VAT principles.
