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  • Six very important lesser-known facts about exempt supplies
  • Six very important lesser-known facts about exempt supplies
    Exempt supplies are completely excluded from the VAT scope. This means you don't pay or claim VAT on these items. But unfortunately it's not as simple as it sounds! I know most VAT vendors get easily confused by the complexity of exempt supplies when it comes to VAT. That's why I'm writing to you today. Here are six very important lesser-known facts you may not be aware of when it comes ... ››› more
  • [06 September 2016]
  • How to claim input tax on bad debts...
  • How to claim input tax on bad debts...
    If you're registered for VAT on the invoice basis, as most vendors are, you have to pay output tax over to SARS according to the invoices you have issued, during a specific tax period. You have to do this, whether your client has paid that invoice or not. But what happens if your client doesn't pay the invoice and the debt becomes bad? Remember, you have already paid that VAT to SARS. Is ther... ››› more
  • [31 August 2016]
  • The five forbidden items you can't claim input tax on
  • The five forbidden items you can't claim input tax on
    The VAT law lets you claim input tax on the supplies you need to buy in order to run your business. But you can't claim input tax on everything. There are five forbidden items you can't claim on. And if you do, SARS will not only reverse your input tax deductions. They'll also slap you with a 200% penalty, plus interest and fines. And they'll conduct a VAT audit on your business that could go a... ››› more
  • [25 August 2016]
  • Six steps to follow if you can't pay your VAT liabilities on time
  • Six steps to follow if you can't pay your VAT liabilities on time
    You currently find yourself in a position where you're failing to pay over your VAT liabilities to SARS. This will lead to heavy penalties and interest. Worse still, you can even serve jail time for it! So, you can't afford to just ignore things if you can't pay SARS. But no worries! I'll show you how can you prevent this from happening to you by following these six steps if you can't afford... ››› more
  • [23 August 2016]
  • Can't afford to pay SARS the VAT you owe? Don't worry, there's a lifeline
  • Can't afford to pay SARS the VAT you owe? Don't worry, there's a lifeline
    It's no secret that times are tough for most businesses. Debtors aren't paying on time, suppliers keep increasing their prices and new business uptake is slow. But the bills keep piling up. And one of them is your VAT bill! With these increasing costs, it's no wonder why many businesses can't afford to pay SARS their VAT. If you calculate your VAT and find you simply can't afford to pa... ››› more
  • [17 August 2016]
  • VAT CASE LAW: Here's why you must be careful when zero-rating goods in the duty-free zone
  • VAT CASE LAW: Here's why you must be careful when zero-rating goods in the duty-free zone
    Many VAT vendors believe that if they supply goods or services in a duty-free zone, then they shouldn't levy VAT on them. But the fact of the matter is that this a common misconception - one which you simply can't afford to have. Because if you do, you can receive a nasty assessment from SARS, regardless of how innocent your intentions were. If you don't believe me, see for yourself in the foll... ››› more
  • [16 August 2016]
  • THIS is the ONLY time SARS will agree to reduce a penalty for a late VAT payment
  • THIS is the ONLY time SARS will agree to reduce a penalty for a late VAT payment
    If you didn't make your last VAT payment on time, there's some good news. The VAT Act (Section 39) allows SARS to remit or reduce penalties for late payments. But, you'll only get a reduction in penalties if you meet this ONE requirement! Read on to discover what it is... SARS will reduce penalties for late VAT payments under this one condition The Practical VAT Loose Leaf Service says... ››› more
  • [05 August 2016]
  • Is your VAT account overdue? Here's how to avoid it happening in the future
  • Is your VAT account overdue? Here's how to avoid it happening in the future
    When was the last time you opened your eFiling profile? Did you go to your VAT dashboard? What is the status of your VAT account? If you haven't opened your eFiling account or checked your VAT dashboard in more than a week, check it NOW! You could owe SARS VAT and not even know it! And if you don't pay the VAT in time, your VAT account becomes overdue. This means penalties, interest and a... ››› more
  • [05 August 2016]
  • 'Dee - I'd love to attend the VAT Masterclass but I think it's too expensive!'
  • 'Dee - I'd love to attend the VAT Masterclass but I think it's too expensive!'
    When we were taking our bookings for our May 2016 VAT Masterclasses, one of our prospective attendees said they wouldn't attend the VAT Masterclass as it was too expensive. This got me thinking about costs and the relativity of paying R6 495 ex VAT for the comprehensive 2 day VAT Masterclass course, versus what SARS could charge you if you make a simple mistake on your return. And then I t... ››› more
  • [25 July 2016]
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