2019 VAT Audit: Common Pitfalls

Overview

VAT vendors are facing a changing landscape in respect of non-compliance issues that are being detected during a VAT audit. The paperwork required to comply with SARS’s verification process is often unavailable and/or incomplete, leading to a revised assessment of the vendor’s VAT liability. 

Vendors do not always understand the timing of certain supplies for VAT purposes, and therefore disclose the resultant output VAT in the incorrect VAT period and sometimes at the incorrect rate. This results in penalties and interest becoming payable to SARS. 

Join us as we examine the VAT provisions that are most commonly misunderstood by taxpayers and audited by SARS. The provisions addressed will ensure the VAT201 form is correctly completed and that the most common problematic transactions in a VAT reconciliation are understood.

Course Content

• Registration as a vendor
  • Claiming the input VAT incurred before registration
• Principal vs agent
  • Reimbursements vs supplies
  • Input VAT on reimbursement of employee expenses, e.g., cell phone and travel
  • Issuing invoices as an agent
  • Supplies between business divisions
• Effect of change in VAT rate on
  • Bad debts
  • Unpaid creditors
  • Overpayments
  • Deregistration of vendor
  • Change of use of assets
• Deemed supplies
  • Insurance payouts – what if you make zero-rated supplies?
  • Company car vs pool vehicle
• Imports and exports
  • Documentation requirements
  • Export of services – when to zero rate
  • Export of second-hand goods
  • Correct disclosure on invoices
• Commercial accommodation
  • What about Airbnb?
  • Which supplies are subject to the 60% rule?
• Output VAT
  • What is the VAT on a deposit?
  • Finance lease vs instalment sale agreement
  • Timing rules for fixed property
• Input VAT
  • Can you claim on marketing events?
  • Employee business travel issues
  • Apportionment: Are you claiming all the input VAT you are entitled to?
  • Paperwork for input VAT on insurance premiums
• Dispute with SARS
  • VAT recon issues
  • Adjusting a VAT return to correct errors
  • Prescription
  • Effect of incorrectly completed VAT return

Presenter

Di Seccombe 

National Head of Taxation: Mazars Academy

CPD

This event and successful completion of the online assessment will secure 5.5 hours verifiable output Tax CPD points.

Event Pricing

Option 1 - Workshop:

50% Discount for all 2019 CPD subscribers on subscription packages to attend the workshop. (Not yet a subscriber? Please click here for more information).

Member: R1 295.00

Non-member: R1 595.00

Printed notes: R50.00

Important:Printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.

Option 2 - Dedicated Webinar Broadcast:

This webinar is free to all 2019 CPD subscribers on subscription packages to attend the workshop. (Not yet a subscriber? Please click here for more information).

The dedicated CPD webinar will be presented on 27 June 2019 from 15:00 – 17.00

Member: R480.00

Non-member: R575.00

Company Price: R950.00

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
• Kindly note that should payment not be received 2 days after the event, legal action will be taken
• Proof of payment will be requested at registration, if payment does not reflect on SAIT`s bank account.
• Only written notice of cancellation will be recognized.
• Conditions:
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  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
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• Please click here for the full terms and conditions.