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  • How to calculate the fringe benefits of VAT on company cars
  • One of the most common fringe benefits encountered on modern payrolls is the right to use a company car Where an employee has the right to use a company car, you must calculate the VAT on the fringe benefit as follows: Where the vehicle is a motor car (not a bus or kombi) and the input tax was specifically denied, the calculation is as follows:         0.3% x the determined va... ››› more
  • [15 February 2017]
  • Do you know how to tax your company cars in these five unusual scenarios?
  • Before you decide to hand your exec the keys to a company car, you need to know how to treat the use of this car on your payroll. If you don't know when and how to tax the use of the car, you could end up underdeducting PAYE. And a 10% penalty from SARS is inevitable. Especially in the following five unusual scenarios... **************Best Seller***********   The company car. An employ... ››› more
  • [27 January 2017]
  • Today our experts answer two of your burning company car questions...
  • A company car is a vehicle your company provides an employee for business purposes and sometimes private use. But don't be fooled by this simple definition. Dealing with company cars is complex - and not just when dealing with PAYE! The questions our tax experts get on this topic are proof of this. Continue reading to discover our expert's answers to two burning company car questions... ... ››› more
  • [15 December 2016]
  • How to tax your employee if he uses two cars
  • James, one of your employees, uses two cars interchangeably during the 2016 tax year. He sometimes uses his car, and the rest of the time he uses his wife's car. You give him a travel allowance of R120 000 for the year. But did you know that using two cars affects the tax on his travel allowance? It's not just a simple tax calculation. You have to factor in the value of each car, the fu... ››› more
  • [27 July 2016]
  • The final word on company cars vs. travel allowances. Which one suits your business best?
  • We receive questions all the time from our Tax Bulletin readers, asking if it's better to give employees a company car or a travel allowance. This is a very common problem because you have to think about a lot of factors before you decide which one is best for you. You need to consider:   ·         Who owns the car? ·         Who does SARS tax for the car? ·     ... ››› more
  • [13 July 2016]
  • 4 VAT tips you need to know
  • VAT tips are something which employers are actively on the hunt for. Finding that next little 'nugget' of knowledge can really make your VAT life a whole lot easier. Well, you're in luck today! As pointed out on Cents Accountability, here are 4 very interesting, and useful, VAT tips you should know... *****Advertisement***** If you claim input tax, your SARS VAT audit is impending... ››› more
  • [23 March 2016]
  • 3 Common tax questions regarding company cars
  • Does your company provide a company car for your employees? If so, then this is for you! Here are 3 common tax questions that are asked regarding company cars. So take a look and learn some great advice... Question#1: What if the employee wants to buy the car from your company after their right to use it as a company car has come to an end? If your company sells the car to her at market v... ››› more
  • [21 December 2015]
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