VAT: Input Tax for Everyday Users (South Africa)

Descripción

Welcome to the world of Value Added Tax (i.e. VAT) in South Africa WHAT 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; and 5. Be able to complete the Input Tax section of the South African VAT return MAKE A CHANGE! Think Big, Start Small and Learn Fast!

Lo que aprenderás

• 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

Requisitos

• 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.