he VAT Masterclass 2-day workshop, will help you understand how VAT works, how to answer SARS’ questions and deal with their VAT questions and legal issues.
The course will be looking at VAT from all sides – from registration through to more complex rules, through to legal rules and how to not only get your refund out of SARS, but help in forcing SARS to deal with your other VAT issues they’re ignoring.
This workshop is designed for accountants, bookkeepers, auditors, debtors clerks, creditors clerks, financial staff who wish to gain knowledge on how VAT works.
You will learn all you need to know about VAT, the applicable law and other legal provisions you WILL need at some stage in your SARS dealings. You will also walk away with comprehensive notes and examples.
You will also gain:
An understanding of how VAT Law works in every day transactions
The new 15% rate and some repercussions
Confidence that you are calculating and declaring your VAT correctly, so you can avoid penalties and not be worried about audits!
How to use the law to get your refund, and force SARS to deal with your other VAT matters
Please see workshop programs below:
VAT jargon explained
Enterprise – are you operating one?
VAT registration – effective date, back dating and the BIG 5-year back claim the RAV01, SARS appointments and documents
VAT deregistration – when its needed and the financial implication
Rules on when VAT is paid (or claimed)
Accounting bases – using invoices or payments when considering VAT
Time of supply – when VAT should be paid or claimed and what’s so dangerous about pro-forma invoices
Open market value – “OMV”
Standard rated supplies – when 15% is charged, should be charged, or should not be charged (including some information about the rate change)
Zero-rated supplies – can I charge 0% VAT and still claim all the input tax?
Exempt supplies – what these are and how they affect your input tax.
Deemed supplies – paying VAT to SARS when you did not actually sell anything
Non-supplies – what it is not
Mixed supplies and Apportionment – the concept explained, the calculations and how it affects your output and input tax
Selling scrap, old goods, company cars, or goods you would not normally sell – should you charge VAT
Fixed properties and commercial accommodation, should you pay VAT when you buy property and can you claim the VAT back?
Recovery of costs/on charging/ costs recovery: know once and for all how to charge
VAT on this contentious issue. With supporting SARS rulings.
Non-profit organisations and welfare – find out how VAT can benefit your organisation
Donations and sponsorships – find out for certain, how VAT works on these
Adjustments – what these are and why you should consider them
The tax invoice – do you know about the changes? AND, when you do not need one
National input tax and the VAT 264
What you can and cannot claim: get in-depth knowledge about:
What “in the course of the enterprise” means
The 12 month add-back rule
Bad debts – what the VAT Law does not say
Non-profit and corporate social responsibility deductions
5 year rule
A run through of the return – tips on how to complete
The diesel rebate: how to claim and how its refund process works
VAT payments – how much time you have, penalties and interest
VAT refunds – how much time SARS has, the “pop-up letter”, uploading documents, what to do when SARS does not refund you for no reason, what to do when SARS reverses your input tax for no reason
Interest on late refunds – how to demand it
Assessments, objections and appeals
Assessments – what are the reasons
“The rules” – what they are and how they affect the entire objection and appeal process.
Keeping time lines and the basics
Objections – why wording is SO important, what to do if SARS sends you with a notice of invalidity and how to count days
Appeals – revealing the shocking untruth we have always believed, and why you should not leave it to someone else to do!
Q+A – Bring your documents, SARS letters, SARS allegations and any other problems you have !
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Please note with booking online an invoice will be sent once the booking has been made. When payment is received, a FREE Online Course order form will be forwarded for choice of your FREE online courses.