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Checklist: 29 items that have a standard Vat rating

by , 19 November 2014
As a Vat vendor you have to charge your clients Vat on your goods or services. But first you have to check if your goods or service fall under Section 12 of the Vat Act because that would make them exempt.

If they doesn't fall under Section 12 you can charge Vat. But first determine whether you charge them at the standard or zero Vat rate.

To help you easily determine the percentage of Vat to charge your clients, we've created a checklist of 29 supplies you can charge at the standard rate.

Read on so you can charge your clients Vat correctly...

 
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These are 29 supplies you must charge at the standard (14%) Vat rate
 
1. Lubricating oil;
2. Aircraft fuel;
3. Books and newspapers;
4. Building materials and services;
5. Business assets;
6. Cigarettes, cold drinks and liquor;
7. Clothing;
8. Domestic air travel;
9. Electricity, water and refuse removals;
10. Entrance fees to concerts, plays or sporting events;
11. Fees;
12. Furniture;
13. Groceries – except specific foodstuffs which are zero-rated;
14. Hotel accommodation;
15. Lawyer's fees;
16. Meat or fish;
17. Medicines;
18. Motor repairs and servicing;
19. Motor vehicles and their spare parts and accessories;
20. Olive oil;
21. Postage stamps;
22. Medical services;
23. Restaurant meals and catering;
24. Telephone services;
25. Transport of goods;
26. Washing powder and other detergents;
27. White bread (brown and whole-wheat bread are zero-rated supplies when they meet certain specs);
28. Bank charges; and
29. Short-term insurance premiums.
 
If you supply any of these goods or services you must charge your clients 14% percent Vat on them.
 
For more information on taxable Vat supplies check out the Practical Vat Loose Leaf Service
 

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