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12 Little-known Vat transactions you can claim input tax on

by , 29 September 2014
Many Vat vendors are still unsure about which transactions to claim input tax on. As a result, they miss out on their chance to claim all the input tax due to them.

The good news is, today we'll make things clear for you so there's no room for confusion.

Keep reading to discover 12 little-known Vat transactions you can claim input tax on so you can boost your company's cash flow.


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Here are the 12 lessor-known Vat transactions you can claim input tax on


Transaction #1:  Bank charges;

Transaction #2:  Flowers for the office/reception area;

Transaction #3:  Renting office equipment. For example, a photocopy machine – you can claim the Vat every month, as per your payment;

Transaction #4:  Buying or renting bakkies, delivery vans and delivery motorcycles;

Transaction #5:  Promotional gifts you give to clients.

Transaction #6: Medical expenses of employees, where you foot the bill;

Transaction #7: Short-term insurance premium;

Transaction #8: Fixed property.

Transaction #9: Office cleaning material (including toilet paper);

Transaction #10: Domestic airline tickets;

Transaction #11: Hearses and game-viewing vehicles; and

Transaction #12: Staff buses. The condition here is the buses must be able to carry more than 16 people (including the driver).

Bear in mind that you must have a valid tax invoice to claim input tax on these Vat transactions.

Now that you know about these Vat transactions, claim input tax on them and boost your company's cash flow.

For more information on input tax claims, check out the Practical Vat Loose Leaf Service. In it, you'll find the eight general rules of input tax, transactions you can't claim input tax on, tips to manage your tax invoices so you don't lose out on input tax claims and so much more.
 


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