The 231 Vat tips that SARS wishes we didn't know
These Vat tips cost SARS thousands in Vat refunds, claims and exemptions… And they give Vat vendors the upper hand, making Vat collections more of a challenge for the taxman! With tips on everything from insurance claims, to rental accommodation, company fringe benefits and tax invoices, it's no wonder that the 231 Sizzling Vat Tips
book is a thorn in SARS' side!
SARS allows input tax on promotional gifts
SARS will allow input tax on the acquisition of certain promotional gifts. For example, golf shirts, t-shirts, umbrellas, pens, calendars, desk pads, calculators etc. These are gifts.
So next time you give your clients gifts, rather opt to give them a promotional gift. Put your branding on the gifts and you can claim the input tax.
Plus, when you give promotional gifts to your clients, you don't levy output tax. This is because you don't charge or receive any payment for the supply!
Be sure to write it up in your books as 'promotional gifts'. So with the savings you'll get this festive season, you can afford to give your clients superior gifts every year.