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 self-study package 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 self-study online series.

The following courses are included in the package:

VAT FUNDAMENTALS AND FOUNDATIONS

• 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

EFFECTIVE VAT ADMINISTRATION

VAT SALES & PURCHASES (Part 1)

• 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
• Insurance Indemnity Payments
• 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

VAT SALES & PURCHASES (Part 2)

• 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

VAT DEALING WITH SARS

• 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

• Video presented courses
• Downloadable course material
• Certificates of training
• Assessments (optional)
• No time limit or expiration date
• SAIT Accredited - Verifiable CPD Hours