- Three reasons why you shouldn't attend just any cheap VAT course
- Are there VAT courses out there, cheaper than the VAT Masterclass 2016?
The answer to your question is Yes! There most certainly are. And there are shorter courses too.
But are they to your benefit?
A few weeks ago, I attended a cheaper, morning VAT workshop. I have to admit I was curious to find out more information on how vendors were dealing with the SARS VAT audit. Here are three le... ››› more
- [20 September 2016]
- Are you making one of these six common VAT mistakes?
- Take this quick quiz and answer Yes/No.
• Charging 14% VAT on your direct exports? Yes/No
• Claiming 14% VAT on international air travel? Yes/No
• Not charging VAT on services you supply in another country? Yes/No
• Charging VAT at 0% on your financial services fees? Yes/No
• Not charging VAT on commercial accommodation? Yes/No
• Not declaring VAT on fringe benefit... ››› more
- [13 September 2016]
- NEWSFLASH: SARS outsources private debt collectors in a desperate attempt to collect your outstanding taxes
- With all the intrigue at SARS over the last two years, things like outstanding returns and outstanding tax have grown alarmingly.
I found out from SARS that they have about R70 billion in undisputed debt outstanding. Add to this another R30 billion disputed debt and a further R60 billion due from taxpayers and vendors who haven't submitted returns or who aren't registered as taxpayers - so SARS... ››› more
- [09 September 2016]
- Did you know you can charge SARS 15.5% interest if they pay your VAT refund, or any other refund, late?
- I'm sure you've had to wait at least once for a refund from SARS. You've phoned the call centre, sent letters and they keep telling you it's still being 'processed'.
If SARS has agreed to pay you a refund, and the money's not in your account. Charge them interest!
If you're due a VAT refund, SARS must refund you within 21 days of submitting your VAT return. But for all other taxes, the refun... ››› more
- [07 September 2016]
- 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...
- 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]
- Case Law: De Beers' made a costly R29m input tax mistake - here's how to avoid this happening to you
- A few years ago, some of the De Beers shareholders decided to buy out the rest of the shareholders.
But they first had to get a fair share price. So they employed NM Rothchild & Sons - a London-based financial advisor as well as some local South African professional financial advisors to work this out.
De Beers didn't declare VAT on the international services from Rothchild. And they claime... ››› more
- [29 August 2016]
- 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
- 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
- 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
- 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
- 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]