Sales tax and VAT basics

Skills you'll practise

• Calculate tax and gross amounts from a net amount and a given rate
• Extract the tax and net amounts from a tax-inclusive total
• Calculate net tax payable as output tax minus recoverable input tax
• Identify missing or invalid documentation before input tax is claimed

Course outline

1. 1.Sales tax and VAT basicsVideo · 2 min
2. 2.How sales tax and VAT workLesson · 13 min
3. 3.Calculating net, tax and grossLesson · 13 min
4. 4.Records, returns and reconciliationLesson · 13 min
5. 5.Sales tax and VAT basics: knowledge checkKnowledge check · 20 questions
6. 6.Sales tax and VAT basics: practical exerciseKnowledge check · 1 question
7. 7.Final exam8 questions · passing it completes the course, so people who already know the material can test out

Sources it draws on

The lessons and questions are written from these references, so learners can go back to the original.

• General sales-tax and value-added-tax principles (output and input tax, tax-inclusive and tax-exclusive amounts, tax control accounts)