As a tax professional, learners are immediately confronted with large volumes of detailed tax theory, and struggle to understand how the theory fits into the end goal of preparing tax computations.

This session has been designed to develop a foundation of simple application upon which the complexities of taxation can be built at a later stage. The approach to this webinar is practical rather than theoretical.



Topics Discussed:

Definitions: Output tax and Input tax
Registration
Category of vendor
Refusal to register
Cancellation of registration
Onus on the vendor
Liability of vendor
Time and value of supply
General rule
Rental agreement
Instalment credit agreement
Fixed property
Open Market Value
Zero-Rating
Export of goods
Export of secondhand goods
Supply of a going concern
Fuel levy
Services
Exempt Supplies
Financial services
Residential accommodation in a dwelling
Education services
Transport by road or rail
Other
Input Tax
Apportionment of input deductions – section 17 (1)
Prohibited input deductions – section 17 (2)
Double inputs
Calculation of VAT payable – section 16 (3)
Accounting basis
Deemed Supplies
Fringe Benefits – section 18 (3)
Person ceasing to be a vendor – section 8 (2)
Disposal of going concern – section 8 (7)
Insurance claims – section 8 (8)
Non-Supplies – section 8 (14)
Supply of goods or services used partly for making taxable supplies – section 8 (16)
Tax invoices, credit notes, debit notes
Irrecoverable debts – section 22
Late payments of VAT and interest on refunds
VAT and micro businesses
VAT and connected persons