VAT Masterclass

Value Added Tax – An introductory half day course to understand, practically implement and administer VAT processes in compliance with SARS regulations within a small business environment.

This course is designed to empower participants with little or no business experienced with applied working and practical knowledge of the fundamentals of value-added tax (VAT).

Delegates will gain the understanding and skills to assist them in implementing VAT correctly within a small business environment. The course uses real-life scenarios and practical examples, including the completion of the VAT 201 return.

Topic Covered:

• Introduction
• General background on VAT
• The VAT Act
• Accounting basis and the calculation of VAT
• Output VAT
  • Zero-rated
  • Exempt supplies
  • Deemed supplies
• Input VAT
  • General input deductions
  • Specific inputs
  • Agent principal transaction and apportionment
• Registration and tax periods
• Interacting with SARS
• Practical scenarios and examples of VAT calculations
  • Tax invoices and other documentation
  • The 201 VAT return
  • VAT reconciliations