If any one of these five employees spends more than one night away from home on business, claim input tax to boost your cash flow
From flights to accommodation, you spend a lot of money on business travel.
Wouldn't it be great if you could recoup some of these costs and boost your cash flow?
Well, you can!
According to Vat law, you can claim input tax for business travel if anyone of the following five employees spends more than one night away from home on business travel...
Claim input tax on business travel if you meet this condition
The Practical Vat Loose Leaf Service
says you can claim input tax for business travel
if any one below spend more than one night away from home on business travel:
You, as the Vat vendor;
Partners in a partnership;
Your employees; or
Any independent contractors who work for you.
So what can you claim input tax
on when it comes to business travel?
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You could be missing out on 34 input tax Vat savings...
Are you sure you've claimed input tax
on these five office expenses?
Plants for the office;
Flowers sent to sick staff;
Promotional gifts; and
Stationary orders for the office?
There are 29 other input tax
claims you can use to your advantage too...
Find out what they are here and never miss out on another input tax
When it comes to business travel, you can claim input tax on these expenses
You can claim input tax
Local air travel. Domestic air tickets include Vat at 14% – you can claim this as an input. But you can't claim foreign air tickets.
Rental of commercial vehicles and busses. You can claim input tax if the bus you rent can carry more than 16 passengers.
Car rental if it's a single cab bakkie. You can also claim Vat on insurance, damage, excess and accident administration charge.
Accommodation. Vat is at 14% on accommodation if the owner of the place is a Vat Vendor. This means you can claim back the 14% input tax on business travel accommodation if you're on a business trip and if you're away for at least one night.
Meals and refreshments (including liquor). You can claim the input tax on meals if you meet the condition above.
Important: You can only claim input tax
on these items if any one of the five people above spend more than one night away from home on business travel.
And remember, to claim input tax
on your business travel expenses, you need a valid tax
invoice that contains these details.
Now that you know when to claim input tax
on business travel, go ahead and boost your cash flow legally.
PS: There's so much more you still need to know to claim input tax
on your business travel expenses. That's why we recommend you check out the Input Tax 101 e-Report.
It will guide you so you can claim every legal input tax
deduction with ease.