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Good news! You can claim input tax on these two unusual items

by , 10 October 2014
You know Vat law lets you claim input tax on the supplies you buy for you business. But do you often have to spend money on things that don't qualify as supplies?

The good news is, if you spent that money in the process of operating your business, and you paid input tax on it, then you could claim it back.

To help you do that, we're revealing two unusual items you can claim input tax on...

 

SARS let's you claim input tax on these two unusual items

 
1. Customs fees
When you import goods, you have to pay Vat to customs, but you can claim back your Vat inputs on these imported goods! To make this claim, ensure you have:
 
• The bill of entry or similar customs document; and
• Proof that you paid the Vat to customs.
 
Remember, customs calculates the importation costs from the value of the goods. It's their value of the imported goods, plus 10% of that value, plus customs' duties.
 
Here's the second unusual item you can claim input tax on.
 
*********** Hot off the press  ************
 
Revealed: How to get your Vat refund from SARS within 21 days every time
 
By law, SARS has to pay you your Vat refund within 21 days! 
 
So why doesn't it?
 
 
*************************************
 

Don't forget to claim input tax on this second unusual item

 
2. Written off bad debt
Don't forget to claim input tax deductions on all bad debts you write off.
Just remember this doesn't apply to interest charged, because that's is a financial service and is Vat-exempt.
 
There you have it! These two expenses might not be money you directly paid for supplies but you can still claim back input tax on them.
 
For more information on what to do to successfully claim input tax back from SARS, check out Input Tax 101.
 

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