Vat: Input Tax For Everyday Users (South Africa)

A course on VAT in South Africa - Input Tax for Everyday Users

What you'll learn

Understand the basic principles of Value Added Tax (VAT) - Input Tax in South Africa

Identify different categories of Input Tax

Identify different supplies and the VAT Application thereof

Discussion on non-deductible input tax (entertainment etc)

Obtain a working knowledge of VAT documentation and requirements (tax invoices, debit and credit notes etc,)

Gain an understanding of sundry input tax adjustments

Understand the general rules on irrecoverable debts

Completion of VAT Return

Requirements

It is recommended to have a general understanding of VAT in the workplace, preferably working in an accounting or tax environment. However, prior training or experience in the field is recommended but not a requirement for this course.

Description

Welcome to the world of Value Added Tax (i.e. VAT) in South AfricaWHAT IS INPUT TAX?Input tax is the terms used for VAT that is paid on the acquisition of goods or services that may be claimed back by a VAT vendor. Understanding the rules governing the deductibility of input tax and when input tax must be claimed is an essential skill in the management of a VAT function. It ensures that:· The correct amount of VAT is claimed.· That the VAT vendor is not exposed to the imposition of potential penalties and interest on the late or short payment of VAT.· It assists with the cash flows in an organisation by ensuring that input tax is claimed as soon as possible.WHY THIS COURSE?In this course we deal with the basic VAT principles applicable to organisations in general.After completion of this course you should:1. Have a working knowledge of the various Input Tax deductions;2. Understand the concept and application of non-deductible expenses;3. Understand the different documentary requirements for Input Tax;4. Understand the application of specific transactions; and5. Be able to complete the Input Tax section of the South African VAT returnMAKE A CHANGE!Think Big, Start Small and Learn Fast!

Overview

Section 1: Introduction - Input Tax (Course Material)

Lecture 1 Course Material

Section 2: Value Added Tax for Everyday Users: Input Tax

Lecture 2 Input Tax

Lecture 3 Input Tax on Second-hand Goods

Lecture 4 Input Tax on Repossessed / Surrendered Goods

Section 3: Section 2: Non-Deductible Input Tax

Lecture 5 Non-deductible Input Tax - Introduction

Lecture 6 Input Tax on Entertainment

Lecture 7 Input Tax on Club Subscriptions

Lecture 8 Input Tax Motor Cars

Lecture 9 Apportionment

Section 4: Documentary Requirements

Lecture 10 Tax Invoices

Lecture 11 Electronic Invoicing

Lecture 12 Credit Notes

Lecture 13 Correction on Tax Invoices

Section 5: Other Deductions

Lecture 14 Indemnity Payments Made

Lecture 15 Excess Consideration Refunded

Section 6: Irrecoverable Debts

Lecture 16 Irrecoverable Debts

Section 7: Completion of the VAT Return

Lecture 17 Completing the VAT Return

Section 8: Quiz time!

Tax Accountants, Tax Practitioners, Accountants, Accounting Clerks, Employees in the Financial department of your company