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New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]Industrial Action Report finds SA recorded the highest number of strikes last year
A 2012 Industrial Action Report tabled by the Department of Labour (DoL) has showed a significant increase in the number of strikes last year, compared to the previous four years, EyeWitnessNews reports. According to the report, there were 99 strikes recorded last year alone. Here are the key [read more...]by FSP Business, 08 October 2013 |
It's important that you get the Vat treatment of insurance right, especially when you receive an insurance settlement.
Here's a checklist of the four critical facts you must know about Vat when you receive an insurance settlement:
#1: According to the Practical Vat Loose Leaf Service, short-term insurance attracts Vat at the 14% standard-rate. That means when you receive a payment for a claim you have made, that payment will include Vat of 14%.
#2: If you make a claim that relates to a loss in your business, you must account for Vat as output tax in the Vat return that covers the period in which you receive the payment.
It's important to note that you only make this calculation when the payment relates to the loss of goods, items or supplies on which you were entitled to claim an input tax deduction when you first bought them.
#3: Your calculation will be the amount received multiplied by 14/114. This will give you the Vat amount you must put into block 12 of your Vat return.
#4: If the insurance company merely replaces or repairs the goods, no output tax calculation is necessary.
Well there you have it. Knowing these four critical facts will help ensure you handle Vat correctly when you receive an insurance settlement.
CCTV cameras are being installed into our office. Can the manager just do this or should they first get the consent of the staff. Our staff compliment is only 6 and our office is very small. Management decided to have ... [see the answer]