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  • 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]
  • Discover how Vat works with credit notes so you can avoid SARS penalties
  • Discover how Vat works with credit notes so you can avoid SARS penalties
    Do you know when you should issue a credit note? What about dealing with Vat on credit notes? Read on to find out what these two things include so you can comply with the Vat Act and avoid hefty penalties. The Practical Vat Loose Leaf Service explains that credit notes are issued when a sale or a supply takes place and one of the following subsequently happens to that supply (sale): The... ››› more
  • [19 January 2017]
  • THIS is your best course of action when you can't pay SARS on time
  • THIS is your best course of action when you can't pay SARS on time
    As a Vat vendor, you have a duty to pay Vat on time. But, the reality is that the current economic situation is making it harder to comply with this legal duty. Don't even get us started on unforeseen disasters that strike at any moment and make it impossible to meet Vat deadlines. But, it's not all doom and gloom. You have options if you can't pay SARS. Read on to find out what to do... ››› more
  • [17 January 2017]
  • Three things on your Vat refund that'll get you in trouble with SARS
  • Three things on your Vat refund that'll get you in trouble with SARS
    You have to tread carefully when it comes to Vat refunds. SARS scrutinises these and it'll punish you if it finds errors. And this means you can say goodbye to the cash injection you were hoping to get. But we've got your back as always. Today our experts reveal the three things that'll get you in trouble with SARS when it comes to Vat refunds. Read on to find out what they are so you c... ››› more
  • [17 January 2017]
  • The eight instances you can lodge an objection with SARS and win!
  • The eight instances you can lodge an objection with SARS and win!
    Here's a true story with a happy ending: I had coffee with Peter Franck, Contributor of the Practical VAT Handbook, and he told me an interesting story about one of his clients, Mr Hogenboezem*. He received a VAT assessment for R86 000 from SARS. SARS issued him with this assessment because he mistakenly claimed input tax twice on a bakkie and the invoices he received for purchases were techni... ››› more
  • [11 January 2017]
  • 5 Ways to get your business travel costs back
  • 5 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? Read on to find out how... *****************Best Seller***************** Can you really afford no... ››› more
  • [04 January 2017]
  • How to stay on SARS' good side if you're forced to make a late Vat payment
  • How to stay on SARS' good side if you're forced to make a late Vat payment
    It's good business practice to save yourself time and avoid unnecessary fines and penalties by making your Vat payments correctly and on time. But what happens if your payment is late due to unforeseen circumstances? Read on to discover what your company can do to stay on SARS's good side even with a late payment. It's your responsibility to ensure SARS receives your company's Vat payments corr... ››› more
  • [29 December 2016]
  • Three rules to complete your VAT return correctly and stay under SARS' radar
  • Three rules to complete your VAT return correctly and stay under SARS' radar
    VAT is a 'self-assessment' system. This means you're required to work out if you should be paying money in to SARS, or if you should be getting money back from it. You do this calculation on a VAT return, called a VAT201 via eFiling at the end of your tax period. But because of numerous mistakes VAT vendors make, SARS checks the VAT returns from time to time by way of a VAT audit. And if any... ››› more
  • [22 December 2016]
  • How to claim VAT back before you're a VAT vendor!
  • How to claim VAT back before you're a VAT vendor!
    One of our Practical VAT Handbook subscribers asked if he can get a VAT refund back on property expenses. The real kicker is, he hasn't registered for VAT yet! Your immediate response may be to say no - it's not possible. One of our well respected VAT experts, Kallie Van Der Merwe, a writer for the Practical VAT Handbook, answered this question for our member. Let's have a look at the ques... ››› more
  • [21 December 2016]
  • Revealed: 20 deemed supplies you must pay output tax on
  • Revealed: 20 deemed supplies you must pay output tax on
    If you thought output tax only applies to standard-rated, zero-rated and exempt supplies, you're wrong. It's also applies to deemed supplies. Here are the 20 deemed supplies you must pay output tax on. According to the Practical Vat Loose Leaf Service, although the words 'deemed supply' aren't defined in Vat Law, Section 8 lists certain supplies as deemed to have been made. Essentially, a ... ››› more
  • [20 December 2016]
  • Do I have any recourse if SARS slaps me with penalties, interest and additional tax?
  • Do I have any recourse if SARS slaps me with penalties, interest and additional tax?
    If SARS believes you intentionally under declared your output tax or over claimed your input tax, they will slap you with a hefty additional tax penalty of up to 200% of the tax. So on top of the normal VAT of 14%, you'll now also need to pay additional VAT of up to 28%, plus a 10% penalty and interest. You could even be prosecuted in court and can go to jail. But is there a way out of th... ››› more
  • [12 December 2016]
  • What you NEED to know about International Vat claims
  • What you NEED to know about International Vat claims
    Your company may be entitled to claim a Vat refund on a number of business expenses incurred in other countries. Here's what you need to know about International Vat claims. You know that you can claim South African Vat as input tax. However, you may be neglecting to claim Vat refunds on international business expenses. Now it's your chance to exploit this untapped reserve. International V... ››› more
  • [12 December 2016]
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