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Ten lesser known Vat-carrying transactions your company can claim input tax on

by , 03 June 2013
According to the Practical Vat Loose Leaf Service, many Vat vendors are still struggling to grasp when they can claim input tax. As a result, they're missing out on an opportunity to claim the input tax due to them. Read on to discover ten lesser known Vat-carrying transactions your company can claim input tax on so you can put much-needed cash back into your business.

Are you missing the chance to claim all the input tax due to your company?

Well, if your company isn't claiming Vat on these lesser known Vat-carrying transactions, you may be passing up an opportunity to claim all the input tax due to you, warns the Practical Vat Loose Leaf Service.

Boost your company's cash flow by claiming Vat on these ten lesser known Vat-carrying transactions

  1. Bank charges;
  2. Flowers for the office or reception area;
  3. Office equipment rental, like the photocopy machine. Purchase or rental of bakkies, delivery vans and delivery motorcycles;
  4. Promotional gifts given to clients;
  5. Medical expenses of employees, where you foot the bill as an employer;
  6. Short-term insurance premium;
  7. Office cleaning material (including toilet paper);
  8. Domestic airline tickets;
  9. Hearses and game-viewing vehicles; and
  10. Staff buses, provided they're designed to carry more than 16 people (including the driver).

There you have it. By claiming Vat on these transactions, you can get the input tax due to you back and boost your company's cash flow.

 

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