The VAT FUNDAMENTALS & FOUNDATIONS Video 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 checklist
• How to fill in the VAT201 form