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Six vital facts you MUST know about notional input tax claims

by , 30 May 2014
'Input tax claims'. These three words are often misunderstood by Vat vendors.

In fact, Natalie Cousens, the Managing Editor of the Practical Vat Loose Leaf, says many companies think if they get a tax invoice, they can automatically claim the Vat they pay as notional input tax.

Big mistake!

It's not as simple as that. You have to play by the rules when it comes to input tax claims. For instance, you can only claim input tax on certain items. And don't even get us started on the rules when it comes to claiming input tax on second-hand goods.

But there's no need to panic if you're still unsure about input tax claims.

Natalie and her team of Vat experts have six important facts to help you understand notional input tax claims better and avoid SARS penalties.

Below they set the record straight on everything from whether or not you can claim input tax on accommodation you give to employees, to whether or not you can claim input tax on second-hand goods.


Our Vat experts give you six vital facts to live by when it comes to input tax claims

Fact #1: You can't claim input tax if you provide accommodation to your employees.

Fact #2: Claiming input tax on these four items will invite unwanted attention from SARS.

Fact #3: Managing your tax invoices well will ensure you don't lose out on input tax claims.

Fact #4: You can claim input tax on second-hand goods.

Fact #5: Businesses that deal in second-hand goods are more likely to claim notional input tax.

Fact #6: SARS will slap your business with harsh penalties if you claim input tax on these seven transactions.

If you need more information on input tax claims, our Vat experts are more than happy to answer your queries at www.accountingandtaxclub.co.za.



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