The two biggest mistakes everyone makes with their input tax claims
Most Vat vendors make one of two big mistakes when claiming their input tax.
- Don't know about certain input tax deductions which SARS allows, and then lose out on important cash flow savings for the business; or
- Claim when they shouldn't and face SARS penalties and assessments!
But as a savvy business owner, I know you want to claim for all your input tax deductions and get your Vat refunds. Not only does this minimise your Vat bill, but it injects some cash into your business too.
But if you aren't aware of every input tax credit available to you, you'll lose out on shrinking your Vat bill! After all, if you don't claim it, SARS isn't going to tell you to do so…
For instance, did you know you can claim input tax on professional subscriptions your company pays for? And this includes subscriptions you're paying on behalf of your employees.
What about toll fees or parking fees? Are you claiming on these too?
These are just a few of the 19 input tax savings you could be taking advantage of. Can you afford not to claim them all?
But on the other hand, if you claim on something you shouldn't, you won't only lose the input tax deduction. You'll also get fines, penalties and interest from the day you submitted the claim. And SARS will flag you for more regular audits. Can you afford to have SARS looking through your business with a fine-tooth comb?
Well, take the guesswork out of your input tax claims!
I have the one tool you need to be 100% confident you claim every possible input tax credit available to you. And stay away from the claims SARS specifically denies.
Note: 5 of 1 vote