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The legal loophole to claim Vat on your clients' gifts

by , 24 November 2014
Dear reader,

As you know, SARS sees gifts as entertainment and disallows input tax claims from the onset, right? Well... during the FSPBusiness Vat Masterclass I found a secret loophole that's totally legal. And no one's been using this. Why? Because no one knows about it yet!

The effect this loophole could have on businesses in South Africa is huge... And it's such an easy way to get more cash in your bank!

Read on to discover what this secret loophole is about claiming Vat on gifts you give your clients.

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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.
 
P.S. Know exactly what you can claim input tax on. Get your copy of the Practical Vat Handbook now.
 



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