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Vat

  • The SARS 10 commandments for eliminating your tax debt
  • If you've ever owed SARS money, you know that SARS goes on a drive to collect all outstanding taxes in February and March each year. And you're probably thinking SARS won't bother you again until 2016. Well... things have changed. SARS' image took a huge knock earlier this year when some of its senior staff acted beyond their authority to gather information on suspected tax evaders. So S... ››› more
  • [23 March 2017]
  • Ask SARS to suspend your payment in two simple steps
  • When it comes to a VAT dispute with SARS, do you know when you should pay, or if you should pay the disputed taxes at all? You need to get this right, or you'll incur unnecessary penalties. You can ask SARS to suspend your payment, with a payment suspension request. Let's look at an example. Example   Furniture Friend gets a VAT assessment for R84 000, including penalties and interest f... ››› more
  • [10 March 2017]
  • How to calculate the fringe benefits of VAT on company cars
  • How to calculate the fringe benefits of VAT on company cars
    One of the most common fringe benefits encountered on modern payrolls is the right to use a company car Where an employee has the right to use a company car, you must calculate the VAT on the fringe benefit as follows: Where the vehicle is a motor car (not a bus or kombi) and the input tax was specifically denied, the calculation is as follows:         0.3% x the determined va... ››› more
  • [15 February 2017]
  • Five ways to get your business travel costs back
  • As you know, travel is an integral part of business. But the costs associated with travel are high. There's the cost of flights, car rental, accommodation and meals. This is sometimes just the start of the costs. But what if I told you there was a way for you to get some of these costs back? Keep reading to find out what the five common business travel expenses are and their VAT consequences... ››› more
  • [09 February 2017]
  • Use this legal loophole to claim VAT on your clients' gifts
  • You probably buy your clients gifts during the year. But just before you submit your VAT return and miss out on a potential VAT saving, you need to read this first! You're probably thinking... SARS sees gifts as entertainment and disallows input tax claims from the onset, right? Well... not quite... During the FSPBusiness VAT Masterclass, I found a secret loophole that's totally legal. And... ››› more
  • [09 February 2017]
  • Four rules your need to know about Vat refunds
  • Four rules your need to know about Vat refunds
    Vat refunds are great as they boost your company's cash flow. In this tough economy every little bit of cash is welcome. But, getting a Vat refund isn't that simple. You have to play by the rules if you want to get your Vat refund on time and without any problems. Here are the four rules we believe every Vat vendor needs to know about Vat refunds. *********** Product endorsement ***... ››› more
  • [01 February 2017]
  • How one fatal mistake by SARS saved AB Pty Ltd R32 million
  • If you under-declare your income, SARS will hit you with a laundry list of penalties, fines and interest. AB Pty Ltd got first-hand experience of this when SARS raised R69 million in penalties and interest! But, there was something SARS didn't do which made part of the penalty fall away. Let's look at this case and how AB Pty Ltd got away with some of the penalties SARS imposed. ************... ››› more
  • [31 January 2017]
  • Facing a Vat audit? Make sure you have these ten financial records at hand...
  • Facing a Vat audit? Make sure you have these ten financial records at hand...
    Nothing causes more panic in a business owner than receiving notice from SARS that your business faces a Vat audit. But most of the panic comes from uncertainty of what to expect. You may not even have done anything wrong, so don't worry. Your Vat audit may have been triggered simply because your accountant entered a zero in the wrong spot on your Vat return. In the mean time, here are ten fin... ››› more
  • [24 January 2017]
  • Two instances where SARS won't give you a Vat refund
  • Two instances where SARS won't give you a Vat refund
    Every Vat vendor knows that when their input tax exceeds their output tax, SARS owes them a Vat refund. Perhaps the reason most vendors know this is because Vat refunds play an important part to ease the cash flows in their business. Everyone likes to have a little cash injection coming their way. What you may not know however is, there are two instances where SARS won't give you a Vat refun... ››› more
  • [21 January 2017]
  • How to reduce your VAT with business travel input tax claims
  • My friend Gordon is one of the directors of an outsourced training company. He's always flying around the country to present training for his company's clients, and often goes on training courses overseas. He asked me which portion of his travel, subsistence and accommodation costs his company can claim back as input tax, because he doesn't receive a regular subsistence allowance. He simply kee... ››› more
  • [19 January 2017]
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