VAT: Input Tax for Everyday Users (South Africa)

A course on VAT in South Africa - Input Tax for Everyday Users

4.45 (27 reviews)

Udemy

platform

English

language

Taxes

What you will learn

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

Why take this course?

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

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