VAT Fundamentals and Foundations

****Please note that this course is based on South African Tax****

The VAT Fundamentals & Foundations self-study course 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 course 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.

TOPICS 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

All Included:

• Video presented course

• Downloadable course material

• Certificate of training

• SAIT Accredited – 4 verifiable CPD points

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About the presenter:

Ruzel van Jaarsveld

She has over 23 years financial and bookkeeping experience, working with many industries and corporate environments, with extensive knowledge and practical application of trial balance, payroll, VAT, PAYE returns, Inventory control, Management Accounts, E-filing and Procedures of Importing and Exporting.

She is a seasoned appointed facilitator with Biz Facility, and for numerous years has been presenting various national practical financial workshops to business owners and corporate financial staff.

Who this course is for:

• Individuals
• Financial management
• Business professionals
• Business owners