12 Must-haves for a legal tax invoice
Tired of SARS always delaying your input tax claims? The reason for this could be that your tax invoice is not valid. Find out the 12 things that you tax invoice must have...
Before you even deicide to claim input tax you need to ensure your tax invoice is valid. If not then SARS will delay or totally reject your claim. So avoid this unnecessary problem or delays by ensuring you tax invoice is valid! Read on and I'll tell you the requirements for a valid tax invoice
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12 things your tax invoice must have
Before you even think of making an input tax claim, make sure your invoices contain the following:
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The legal name and address of the supplier;
The words 'tax invoice' (and NOT 'Vat Invoice') must be clearly visible;
The invoice number must be on the invoice;
A serial number of the invoice;
The Vat number of the supplier (the Vat number will be a 10 digit number starting with 4);
The date the invoice is issued;
The trading name and address of the recipient;
The Vat number of the recipient;
An accurate description of the good or services supplied;
The quantity or volume supplied;
The total amount charged for the goods or services; and
The rate of Vat that's being charged (either 0% if zero-rated, or 14% if standard-rated).
Wondering what items you can claim input tax on? Get the input tax 101 report and find out the seven items you can claim input tax on. Click here
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Follow this checklist and you'll have success with input tax claims everytime and have more time to focus on your business.
Until next time,
Managing Editor, Practical Vat Loose Leaf
I hope these tips came in handy.
For a full breakdown on input tax claims, turn to chapter I 01/001 of the Practical Vat Loose Leaf
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