Accounting for Value Added Tax

Offered by: Lifa n Lúce Consultancy
Delivery Mode: In-person / Online / Blended
Target Audience: Accountants, bookkeepers, finance officers, admin personnel, and small business owners responsible for VAT compliance and reporting
Objective: To provide participants with a thorough understanding of how VAT works, how to record VAT accurately in the books of accounts, and how to prepare and submit VAT returns in compliance with national tax regulations.

• What is VAT and how does it work?

• Understanding VAT systems (output VAT vs. input VAT)

• VAT registration requirements and thresholds

• Taxable, exempt, and zero-rated supplies

• The role of accounting in VAT compliance

• Recording VAT on sales (output tax) and purchases (input tax)

• Posting VAT in accounting systems (manual and computerized)

• Handling VAT on imports, exports, and inter-company transactions

• VAT invoices, receipts, and credit notes

• Adjustments, corrections, and accruals

• Calculating VAT payable or refundable

• Completing VAT returns step-by-step

• Managing deadlines and penalties

• Common VAT errors and how to avoid them

• Using online platforms or e-filing systems (where applicable)

• Internal controls for VAT accuracy

• Documentation and record retention requirements

• Preparing for VAT audits or inspections

• Sector-specific VAT considerations (e.g., NGOs, education, construction)

• Updates and changes in VAT legislation

• Practical case studies and real invoice samples

• Excel templates for VAT calculations and ledgers

• Mock VAT return completion

• Certificate of Completion

• Optional: Country-specific VAT law customisation (e.g., SARS in South Africa, FIRS in Nigeria, KRA in Kenya)