VAT POWER SEMINAR WEBINAR SERIES
NEW VAT POWER SEMINAR 4 Session Live Webinar Series
We have great pleasure in introducing our NEW VAT POWER SEMINAR hosted in March 2021!
Value-Added Tax (VAT) is an essential part of any business and yet it is an area that is often overlooked or misunderstood, resulting in unnecessary penalties and interest being payable to SARS. Or simply an overpayment of your VAT account due to unknown claims that can be made.
This VAT POWER SEMINAR takes the learner on a journey that will assist in the preparation and maintenance of accounting records to understand VAT and the importance of the correct VAT treatment of transactions. It will demonstrate the timing of supplies and the correct VAT rate to apply in order to ensure that the correct amount of Output VAT is charged in the correct period. It will also clarify when the Input VAT you are entitled to can be claimed.
Whether you are a corporate decision maker, a financial or tax manager, a small business owner, a debtors or creditors clerk, or a financial professional wanting to refresh your VAT knowledge – you will benefit greatly from this VAT POWER SEMINAR.
This 4 session learning series is practical and example-focused and includes many examples of practical, day-to-day transactions and decisions that a VAT vendor would encounter and, will apply the VAT principles applicable to each transaction.
SESSION 1: VAT FUNDAMENTALS AND FOUNDATIONS
The VAT FUNDAMENTALS & FOUNDATIONS session is designed for individuals, staff and financial management that are required to calculate and submit VAT returns for a business and, have no or very little understanding / knowledge of how VAT really works. This session provides much needed insight on the foundations on which the VAT system is based and is very beneficial to any person wanting to enter or exit the VAT system.
Content Discussed:
- Registrations - Supporting Documents and Forms to fill in
- The importance of knowing the difference between voluntary and compulsory registrations
- Sale of a Going Concern and the subsequent VAT registration of the purchaser
- Registering separate activities, divisions and branches
- How to register for VAT on E-filing
- Managing your user profile and access rights on E-filing
- What constitutes a supply?
- The enterprise test – what activities are and what activities are not
- Standard Rate, Zero Rate and Exempt – knowing the difference
- What to do when a VAT number is pending
- NEW VAT Vendor – Back Dating vs Back Claiming
- Supplies made to the person prior to registration – Section 18 (4) (b)
- Deregistration and Exit VAT
- Income tax consequence of Exit VAT
- VAT Categories
- The 10-Day Rule
- Accrual Basis / Invoice Basis compared to Payment Basis
- Exceptions to the general time and value of supply
- Invoices – Complying with the SARS check list
- How to fill in the VAT201 form
SESSION 2: VAT TAXABLE SUPPLIES & INPUT TAX CREDITS – Part 1
The VAT TAXABLE SUPPLIES & INPUT TAX CREDITS (PART 1) session is designed for individuals, staff and financial management that are required to calculate and submit VAT returns for a business and, have no or very little understanding / knowledge of how to charge VAT on sales (taxable supplies) and expenses that can be claimed (input tax credits). This session provides much needed insight on the vat to be charged and input tax credits that can be claimed, and under which circumstances.
Content Discussed:
- Accounting for VAT
- Invoice basis vs Payment Basis
- Different types of supplies (Standard Rate, Zero Rate & Exempt)
- Time of Supply (when vat is triggered)
- When there is a change of rate (for example 14% to 15%)
- Connected Persons
- Progressive, Successive and Periodic supplies
- Instalment Sales Agreements
- Fixed Property
- Lay-By Agreements
- Machines, meters and other devices
- Betting Transactions
- Supplies made by a branch in a foreign country
- Fringe Benefits
- Deemed Supplies
- Apportionment
- Mixed / Combined supplies
- SECTION 8 (27) – Excess Receipts
- SECTION 8 (14) – Deemed Non-Supplies
- Adjustments / Change in Use
- SECTION 18 (A) – Adjustments in respect of zero rated acquisitions
- Standard Rated supplies – goods and services
- Zero Rated supplies – goods and services
SESSION 3: VAT TAXABLE SUPPLIES & INPUT TAX CREDITS – Part 2
The VAT TAXABLE SUPPLIES & INPUT TAX CREDITS (PART 2) session is designed for individuals, staff and financial management that are required to calculate and submit VAT returns for a business and, have no or very little understanding / knowledge of how to charge VAT on sales (taxable supplies) and expenses that can be claimed (input tax credits). This session provides much needed insight on the vat to be charged and input tax credits that can be claimed, and under which circumstances.
Content Discussed:
- Exempt Supplies
- NGO’s, PGO’s and WO’s
- Agent vs Principle
- Company Cross Charges
- Recovery in the form of a management fee
- Recovery in the form of a cost recovery fee
- Recovery of disbursements
- Input tax credits specifically denied
- Entertainment exceptions
- Motorcar exceptions
- Notional input tax
- Second hand goods
- Tax invoices, Debit notes & credit notes
- Electronic Invoices
- Reimbursements and corporate credit cards
- Day to day adjustments for example discounts
- Exports – Direct and Indirect
- Imports – Value and time of supply
SESSION 4: VAT DEALING WITH SARS
The VAT DEALING WITH SARS session is designed for individuals, staff and financial management that are required to calculate and submit VAT returns for a business and, have no or very little understanding / knowledge of how to deal with SARS when something goes wrong. This session provides much needed insight on the routes to take as well as the timelines in which the course of action must be taken, and under which circumstances.
Content Discussed:
- VAT Return, Payments and Refunds
- Should you be a registered tax practitioner to file a VAT return?
- Made a mistake – what now?
- Can you delay a refund?
- Penalties and Interest
- General VAT compliance
- The dispute process
- Verification process or “the pop-up letter”
- Assessments and revised assessments
- Objections (and the grounds of objections)
- Appeals
DATES
SESSION 1
VAT FUNDAMENTALS & FOUNDATIONS
WEDS - 3 March
SESSION 2
VAT TAXABLE SUPPLIES & INPUT TAX CREDITS – Part 1
WEDS - 10 March
SESSION 3
VAT TAXABLE SUPPLIES & INPUT TAX CREDITS – Part 2
WEDS - 17 March
SESSION 4
VAT DEALING WITH SARS
WEDS - 24 March
1 pm to 3 pm on above dates
COST:
Special Discount Offer when attending ALL 4 sessions!
R 950.00 Per Session OR R 3 500.00 4 Session Combo
All Included:
- Live Webinar Presented courses
- Electronic course note
- Recording of session received
- Certificate of Completion
- CPD Points on completion of assessments
- Assessments available for self- review