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Not many Vat vendors know that they can claim input tax on these 12 transactions

by , 24 June 2014
Many businesses are still unsure about which transactions to claim input tax on. This means they're missing their chance to claim input tax that's due to them.

This is quite unfortunate when you consider that these input tax claims could go a long way in boosting cash flow.

Don't make the same mistake in your company.

Read on to discover 12 lesser known Vat-carrying transactions on which you can claim input tax.

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YES! You can claim input tax on these Vat-carrying transactions

The Practical Vat Loose Leaf Service outlines the 12 lesser known Vat-carrying transactions on which you can claim input tax:

  1. Bank charges;
  2. Flowers for the office/reception area;
  3. Rentals of office equipment, for example, a photocopy machine – you can claim the Vat every month, as per your payment;
  4. Buying or renting bakkies, delivery vans and delivery motorcycles;
  5. Promotional gifts you give to clients – the value is nil in terms of Vat law (Section 10(23));
  6. Medical expenses for employees, where you (the employer) foot the bill;
  7. Short-term insurance premium;
  8. Fixed property;
  9. Office cleaning material (including toilet paper);
  10. Domestic airline tickets;
  11. Hearses and game-viewing vehicles; and
  12. Staff buses if they're designed to carry more than 16 people (including the driver).

Now that you know the Vat-carrying transactions on which you can claim input tax, go ahead and get what's due to you and boost your cash flow.

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