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Accounting for VAT

Accounting for VAT
Accounting for VAT
Accounting for VAT
Get ready for VAT

Businesses with revenues of over $100,000 must be registered and be ready for VAT implementation from 1 January 2018.A critical success factor for the VAT implementation will be upskilling yourself and your workforce with the right knowledge and skill-set in the coming months.

With this in mind, PwC’s Academy, the education and training business of PwC, has designed a suite of fit-for-purpose VAT courses that cover the fundamentals of the new VAT framework, it’s impact on business and the technical and financial acumen required to manage this change.

2 Days
2
Days
CPE credits
12
CPE credits
e-learning modules available
e-learning
modules available
Accounting for VAT

In order to implement VAT across an organisation, it is essential that the finance team understands the principle rules of accounting for VAT.

In this course delegates will learn about the documentation required for both outputs (sales) and inputs (purchases and expenses)of the business, as well as procedures and controls that may be implemented to ensure the accuracy of the VAT accounts and records.

Accounting for VAT

PwC has a proven track record of helping solve tomorrow’s problems today and at the heart of that is our belief in the importance of training. We aim to equip you with the knowledge and skills to embrace the many challenges of this new regime.

Our global network of expert professionals bring their knowledge and practical experience, gained from working within leading organisations, including many in jurisdictions with established VAT systems, into the classroom to give an insight into the commercial and practical realities of working with VAT.

It is of vital importance to prepare early. Our award winning Academy has a proven track record in finance and business training, and 100% pass rates* in our tax professional qualifications, so we can support our client’s business and people in preparation for January 2018, and beyond.

Practical learning. Using practical examples, quizzes and case studies, and supplemented by e-learning support tools, our courses enhance the learning experience and help improve retention and on-the-job application.

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In order to minimise the cost of VAT to a business a clear understanding of when a credit for input VAT may be taken is critical:

  • When can input VAT can be deducted
  • What evidence or documentation is required in order to deduct input VAT
  • How much input VAT can be deducted
  • What input VAT is not deductible
  • Partial exemption: when should an organisation apply proportional deduction.
  • Limitation and exceptions to the right to deduct input VAT on specific expenses (director expenses, employees expenses, car expenses, business entertainment, rental, self supplies and change of use)
  • Rates of VAT (standard rate, zero rate, exemption, outside of scope)
  • How to calculate VAT on a VATable transaction
  • Valuation of a transaction for VAT purposes
  • When must VAT be accounted for (sale, return, export, bad debt relief, supplies to employees, deemed supplies)
  • What are the invoicing procedures
  • Special circumstances (electronic invoice,discounts, credit/debit notes)
  • Special cases: credit notes, bad debts, deemed supplies and self supplies

We have three discount options available, however please check with us directly for details as discounts are limited to certain cities.

  • 5% early bird discount for registrations completed one month before session date
  • 10% corporate discount for a minimum of 3 registrations : Contact us directly
  • 15% discount for groups of 4 or more delegates

The discounts cannot be combined.

Want to run this in-house?
Course structure

VAT in the accounting system

What is a VAT invoice, and when is a VAT invoice required

  • Which transactions require VAT invoices (and which do not)
  • What does a VAT invoice look like
  • What information must the VAT invoice include

Who is responsible for raising VAT invoices

What are the accounting entries to record VAT

Policies, procedures, controls and authorisations, to improve the accuracy of accounting for VAT

Preparing the VAT return from the accounting records

Supporting reconciliations and documentation for the return

What VAT records must be maintained

Schedule
Schedule

There are no scheduled dates for this course. Fill out the form to check future dates or deliver the course in-house

Trainers
Frequently asked questions

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