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Input Tax Deductions

  • Use this legal loophole to claim VAT on your clients' gifts
  • You probably buy your clients gifts during the year. But just before you submit your VAT return and miss out on a potential VAT saving, you need to read this first! You're probably thinking... SARS sees gifts as entertainment and disallows input tax claims from the onset, right? Well... not quite... During the FSPBusiness VAT Masterclass, I found a secret loophole that's totally legal. And... ››› more
  • [09 February 2017]
  • How to reduce your VAT with business travel input tax claims
  • My friend Gordon is one of the directors of an outsourced training company. He's always flying around the country to present training for his company's clients, and often goes on training courses overseas. He asked me which portion of his travel, subsistence and accommodation costs his company can claim back as input tax, because he doesn't receive a regular subsistence allowance. He simply kee... ››› more
  • [19 January 2017]
  • The five forbidden items you can't claim input tax on
  • The VAT law lets you claim input tax on the supplies you need to buy in order to run your business. But you can't claim input tax on everything. There are five forbidden items you can't claim on. And if you do, SARS will not only reverse your input tax deductions. They'll also slap you with a 200% penalty, plus interest and fines. And they'll conduct a VAT audit on your business that could go a... ››› more
  • [25 August 2016]
  • Meet these 3 criteria in order to deduct input tax on entertainment expenses
  • When it comes to entertainment expenses, the general rule is that you may not make input tax deductions on them. Failure to follow this rule can result in the deduction being reversed, alongside a penalty of 10% with monthly interest. What's more is that SARS can, on top of all that, hit you with an understatement penalty of up to 200%! But even though that's the case, it's worth noting t... ››› more
  • [17 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]
  • Three requirements you must meet to qualify for notional input tax
  • You deal with second-hand goods and sometimes buy them from non-Vat vendors. If the seller is a Vat vendor, you'll get a tax invoice. But if he isn't a Vat vendor, he can't charge you Vat on those goods, and he can't give you a tax invoice. So if you're a Vat vendor why not claim notional input tax on second-hand goods you buy from non-Vat vendors? You don't need a tax invoice, but th... ››› more
  • [12 August 2015]
  • What SARS auditors will check when auditing your input tax
  • Dear reader, With recent history, many Vat vendors have overstated their input tax, both mistakenly and fraudulently. If you claim input tax, your SARS Vat audit is impending. And when the SARS auditor comes knocking at your door, his top objective is to check the validity and accuracy of your information and documents. He'll check if:   Your books and records comply wit... ››› more
  • [03 August 2015]
  • The two biggest mistakes everyone makes with their input tax claims
  • Dear reader, Most Vat vendors make one of two big mistakes when claiming their input tax. They either: - 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 d... ››› more
  • [29 July 2015]
  • Taxes on imported electronic services: The new rules that apply in 2015
  • You probably already know that SARS set out new rules for Vat treatment of imported electronic services. They came into effect on 1 April 2015. Today we'll look at these rules so you can make sure you don't miss out on your input tax deductions. So let's assume your supplier needs to issue you with a credit or debit note. He can only do this if he first gave you a valid tax invoice. This... ››› more
  • [10 June 2015]
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