- Are you claiming interest charges on an asset you haven't used yet? Don't!
- Good news: You won't trigger CGT if you dispose of an asset in one of these ways...
Do these two things to guarantee your input tax claims?
Your employee just crashed the company car! Now what?
Picture this... You buy property and start building an office. With two weeks to go to completion, you take out a loan and buy office equipment.
But yo... ››› more
- [19 July 2017]
- You won't go wrong with your input tax claims if you follow these six rules...
- Still struggling to grasp when you can claim input tax? Follow these six rules
Here's how input tax can boost your company's cash flow legally
You could be missing out on 19 input tax VAT savings...
If you're still struggling to grasp when you can claim input tax, you're not alone.
Many VAT vendors battle.
While knowing you're n... ››› more
- [12 July 2017]
- Five input tax claims you're NOT allowed to make
- Input tax is the VAT you pay your suppliers in the course of your business as well as VAT paid on goods you import.
SARS allows you to claim the input tax for your relevant tax period when you complete your VAT return. While this is the case, there are input tax claims you aren't allowed to make.
Read on below to find out what they are so you can comply with SARS and avoid penalties. Every... ››› more
- [08 May 2017]
- Here's how to claim input tax back on your staff's flu jabs!
- It's not just your health and safety officer who needs to pay attention when there's a medical expense or emergency in the office.
Winter is flu season and Star Consulting didn't want its 500 staff members to spend time off sick. So it hired a mobile clinic to come to the office and give its staff flu injections.
The clinic charged R50 per injection, so the total amount... ››› more
- [02 May 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]
- Make sure your credit notes have these six items or you'll face the following consequences
- It's simple. If you cancel a tax invoice, you have to issue a credit note.
You also have to claim back the VAT.
If you don't you will probably underpay your VAT and miss out on input tax deductions.
Let's have a look at what must legally be on your credit notes and the consequences you will face if you don't get it right.
But, before I cover that, let's look at why you must issue 'lega... ››› more
- [27 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]
- Revealed: The cars you CAN and CAN'T claim input tax on
- SARS has very strict rules when it comes to claiming input tax on cars. So make sure you get it right. Here are the five vehicles you can and can't claim input tax on....
SARS is very clear that you can't claim the input tax on a car even if you use the car in your business in the course of making taxable supplies, says the Practical Vat Loose Leaf Service.
That said, SARS also makes it cle... ››› more
- [08 December 2016]
- How to use your company's delivery bike to shrink your VAT bill
- Have you bought or rented delivery bikes for your business?
Well, you'll be glad to hear you CAN claim back the input tax to reduce your VAT bill.
But why can you claim the input tax on a bike when it's a mode of transport?
Here's why. *********************
VAT and vehicles – Check the details before you get into trouble!
If you run a business and... ››› more
- [06 December 2016]
- Finally - The truth about notional input tax and how it works
- If you're a VAT vendor, chances are you know the words 'seconds hands goods' and 'notional input tax' go hand in hand'.
But do you actually know what notional input tax is and how it works?
Read on to find out...
Did you hear SARS denied De Beers Consolidated Mines R7 million input tax claim?
When De Beers employed local financial service providers to work out a ... ››› more
- [01 December 2016]