- Revealed: The difference between exempt supplies and zero-rated supplies and how knowing it can increase your company's cash flow
- According to the Practical Vat Loose Leaf Service, exempt supplies and zero-rated supplies are often seen as the same thing by Vat vendors, but they're treated differently by the Vat Act and have different results. Read on to discover the difference between exempt supplies and zero-rated supplies so your business can cash in on the input tax benefits of zero-rated supplies.
It's important that ... ››› more
- [26 October 2016]
- Six very important lesser-known facts about exempt supplies
- Exempt supplies are completely excluded from the VAT scope. This means you don't pay or claim VAT on these items.
But unfortunately it's not as simple as it sounds!
I know most VAT vendors get easily confused by the complexity of exempt supplies when it comes to VAT.
That's why I'm writing to you today. Here are six very important lesser-known facts you may not be aware of when it comes ... ››› more
- [06 September 2016]
- Five instances when you don't have to register for Vat
- I recently wrote to you about when you must register for Vat or face back-dated penalties from SARS.
But did you know you don't always have to register for Vat?
Since reading my article, many business owners have told me they don't actually want to register for Vat!
So if you're like them, I've got some good news for you. Not everyone becomes liable to register. Read on to... ››› more
- [02 March 2015]
- 'My business provides partly taxable supplies as well as exempt supplies. Can I register for Vat?'
- One Vat registration question that comes up all the time is whether or not vendors who provide taxable and exempt supplies should register for Vat.
Keep reading to find out the answer so you can avoid an R80 000 fine or two years in jail.
Wondering if you should register for Vat if you provide partly taxable and partly exempt supplies? Here's the answer
It's easy to understand why t... ››› more
- [09 February 2015]
- Follow these two steps to determine whether you need to charge Vat or not
- Are you registered as a Vat vendor with a valid vat number? Start charging your clients Vat and claim input tax back from SARS.
But before you do anything, you need to work out which supplies you can charge Vat on.
If you get this wrong, SARS will very quickly slap you with harsh penalties.
That's why we're revealing the two simple steps you must take to determine whether or not you can ... ››› more
- [19 November 2014]
- If you offer a transport service, you can't claim input tax on it. Here's why...
- If your office is on four wheels or you simply employ other people to do the driving, you have to pay a lot of Vat on supplies such as petrol and vehicle repairs.
Sadly though, you can't claim any of it Vat back as input tax.
This means your company needs to account for this extra cost.
Read on to find out why you can't claim this input tax back...
Here's why you can't claim in... ››› more
- [03 November 2014]
- Opening a crèche in your office? Beware of these Vat implications
- As the demand for more work and higher productivity increases, you might notice some of your employees start to complaining about their 'work life balance'.
So you decide to help them out and give them a way to juggle their family responsibilities with their work ones.
You open a crèche at work as an additional service and allow your employees to bring their children during work for a smal... ››› more
- [03 November 2014]
- Seven things you may not know about exempt supplies
- Experts behind the Practical Vat Loose Leaf Service say Vat exempt supplies are supplies that are exempt of tax.
Sounds simple enough right? Not quite.
There's a lot more to Vat exempt supplies.
There are seven things you may not be aware of when it comes to Vat exempt supplies. Read on to find out what they are so you can handle these supplies correctly and avoid SARS penalties.
... ››› more
- [15 August 2014]
- 11 Vat exempt supplies you need to know about
- Quick question: Do you know what exempt supplies are? If not, you're not alone.
Not many vendors know what exempt supplies are. In fact, they often confuse them with zero-rated supplies.
The good news is from now onwards, you'll no longer be in the dark about exempt supplies.
Today, we reveal what exempt supplies are and, most importantly, we reveal the 11 exempt supplies you need to kno... ››› more
- [13 August 2014]
- What are the Vat implications when it comes to issuing company shares?
- When a company is formed, or when it wants to increase its capital, it can issue shares.
While the Companies Act defines shares as 'moveable property', the shares actually represent the rights and obligations of the company and the people who subscribe to them. These are mainly the right to receive dividends and share in the capital of the company upon liquidation.
Now the big question is: ... ››› more
- [13 June 2014]