HomeHome SearchSearch MenuMenu Our productsOur products

Two tips to manage tax invoices so you don't lose out on input tax claims

by , 20 May 2014
As you know, tax invoices are the most important link in the Vat chain.

If you get them wrong, you can't claim input tax on your purchases.

What's more... SARS will slap you with harsh penalties.

In this ailing economy, no business can afford to take that risk.

Use these two tips to manage your tax invoices so you don't lose out on input tax claims and ensure all your input tax claims are valid.

****************

Errors in Vat invoices could cost you thousands!

Are there any inaccuracies in your Vat invoices? You may be charged a very high penalty!

Click here to find out how to make sure your Vat invoices are 100% legal.

****************

Don't miss out on input tax claims! Use these two tips to manage your tax invoices

Tip #1: File invoices immediately to ensure they don't get lost

The Practical Vat Loose Leaf Service says when your new tax period starts; open a file on your computer for that period.

As you receive invoices during the month via email, save the invoice that's attached directly in this file in the encrypted 'PDF' format. Do the same for invoices that you have to go into a supplier's website to retrieve or need a copy.

If you do this, it means all the tax invoices you receive electronically during that tax period will be in one place. They'll be in the right format and you can easily back them up and store them for five years.

Here's one more tip you can use to manage your tax invoices.

*************************

Think Vat doesn't apply to your payroll?

You're wrong!

Avoid this common error and keep SARS away from your door at audit time.

*************************
 

Tip #2: If you lose your tax invoice, ask your supplier to issue you with a copy tax invoice

If you lose a tax invoice, you can't ask the supplier to issue another original tax invoice for the same purchase. But, you can ask them to give you a copy of the original tax invoice. Just ensure they clearly mark it with the word 'copy'.

Remember, SARS will only accept a tax invoice copy if it's printed on a plain paper and the quality is still good.

There you have it. Using these two tips will help ensure all your tax invoices are valid. As a result, you won't miss out on input tax claims.



Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>