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Input Tax

  • 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]
  • Five ways to get your business travel costs back
  • As you know, travel is an integral part of business. But the costs associated with travel are high. There's the cost of flights, car rental, accommodation and meals. This is sometimes just the start of the costs. But what if I told you there was a way for you to get some of these costs back? Keep reading to find out what the five common business travel expenses are and their VAT consequences... ››› more
  • [09 February 2017]
  • 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]
  • Four rules your need to know about Vat refunds
  • Vat refunds are great as they boost your company's cash flow. In this tough economy every little bit of cash is welcome. But, getting a Vat refund isn't that simple. You have to play by the rules if you want to get your Vat refund on time and without any problems. Here are the four rules we believe every Vat vendor needs to know about Vat refunds. *********** Product endorsement ***... ››› more
  • [01 February 2017]
  • Two instances where SARS won't give you a Vat refund
  • Every Vat vendor knows that when their input tax exceeds their output tax, SARS owes them a Vat refund. Perhaps the reason most vendors know this is because Vat refunds play an important part to ease the cash flows in their business. Everyone likes to have a little cash injection coming their way. What you may not know however is, there are two instances where SARS won't give you a Vat refun... ››› more
  • [21 January 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]
  • Discover how Vat works with credit notes so you can avoid SARS penalties
  • Do you know when you should issue a credit note? What about dealing with Vat on credit notes? Read on to find out what these two things include so you can comply with the Vat Act and avoid hefty penalties. The Practical Vat Loose Leaf Service explains that credit notes are issued when a sale or a supply takes place and one of the following subsequently happens to that supply (sale): The... ››› more
  • [19 January 2017]
  • Three things on your Vat refund that'll get you in trouble with SARS
  • You have to tread carefully when it comes to Vat refunds. SARS scrutinises these and it'll punish you if it finds errors. And this means you can say goodbye to the cash injection you were hoping to get. But we've got your back as always. Today our experts reveal the three things that'll get you in trouble with SARS when it comes to Vat refunds. Read on to find out what they are so you c... ››› more
  • [17 January 2017]
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