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Invoices

Invoicing for secondhand goods explained
Don't know how to record secondhand good sales? If so, read on to find out. Below, we tell you everything you need to know about invoicing for secondhand goods.... ››› more
[13 January 2014]

Revealed: Vat implications for services performed on foreign owned aircraft, vehicles, trains or ships
Do you carry out any services on foreign owned aircraft, vehicles, trains or even ships? If so, read on to discover the Vat implications.... ››› more
[13 January 2014]

Financial services: Be wary of the Vat consequences of fee-sharing arrangements
Financial services are normally Vat-exempt. But some of the related fees are still charged Vat. Read on as we show you the Vat consequences of fee-sharing arrangements and how to treat these fees correctly so you can avoid penalties and interest charges.... ››› more
[13 January 2014]

Revealed: Two ways to reflect the Vat amount on a tax invoice correctly
If you're a Vat vendor, you'll know this golden rule very well: 'The most important link in the Vat chain is the tax invoice'. You'll also be very aware that if you get your tax invoice wrong, you won't be able to deduct input tax on your purchases. Now that's a risk you can't afford to take. Use these two ways to reflect the Vat amount on a tax invoice correctly.... ››› more
[07 January 2014]

Applying to SARS for permission to self-invoice? Include these four things in your application
If you want to 'self-invoice', you must get written authorisation from the SARS office where you're registered for Vat purposes. Here are the four items you MUST include in your self-invoicing application...... ››› more
[06 January 2014]

Revealed: Tax invoices duties all suppliers and recipients must follow
You must manage your tax invoices correctly if you're a supplier or a recipient. How do you go about doing this? Read on to find out what your duties are when it comes to tax invoices so that you don't land in trouble with the taxman.... ››› more
[06 January 2014]

What you NEED to know about International Vat claims
Your company may be entitled to claim a Vat refund on a number of business expenses incurred in other countries. Here's what you need to know about International Vat claims.... ››› more
[03 January 2014]

Retirement homes: Know the consequences of selling goods on behalf of other people
It's common for retirement homes to display paintings, embroidery, crochet and other art works, and sell them on a commission basis. If you do this in your retirement home, here's how to account for your invoices correctly.... ››› more
[20 December 2013]

Preparing your 2014 sales budget? Look out for these three red flags
A sales budget is a way for your business to predict the turnover you'll reach per period. If you're preparing this budget for next year, watch out for these three red flags...... ››› more
[11 December 2013]

Is it necessary to keep company records?
The Tax Administration Act (TAA) requires you to keep your company records. This is just one of the reasons why you must keep your records. Here are two more reasons...... ››› more
[09 December 2013]

What to do if SARS wants to audit your company records
SARS is empowered to come to your premises to conduct a field audit or criminal investigation. This means they can request to audit your company records. Here's what the law says you must do when the taxman requests an audit on your records at your premises.... ››› more
[06 December 2013]

Do you know what's included in Books of Account?
We had such great feedback from our last question and answer bulletin on travel expenses (https://fspbusiness.co.za/articles/accounting/the-correct-way-to-allocate-travel-expenses-when-you-charge-clients-3269.html#.UqBX9Sd_BLc) that we decided to send you another interesting question and answer. Our reader Meisie asked, what are 'Books of Account'? Let's look at the full question, and see what a fellow Accounting and Tax Club (http://www.accountingandtaxclub.fspbusiness.co.za/) member says.... ››› more
[06 December 2013]

Your electronic invoices must meet these six Vat criteria or SARS won't accept them
It's not surprising that electronic invoicing is the method of choice for so many businesses. They're so much safer, as the invoices can go directly to the person handling them in your business. They can't get lost, misplaced, damaged, they'll be received on time and they can instantly be filed electronically. Vat vendors, however, must keep in mind that for SARS to accept these invoices, they MUST meet certain criteria.... ››› more
[26 November 2013]

Before you take home that ream of printer paper, make sure you've followed these Vat rules
Many business owners make the mistake of treating their business stock as their own personal disposable property. But if you take or use goods from your Vat-registered business for your own use, or 'self supply', then you'd better take note of the Vat rules, or face the penalties!... ››› more
[20 November 2013]

Four simple steps to stop purchasing fraud happening to your business
Don't think fraud can happen to you? Think again! That's exactly what Ike Cellular's management thought before they became a victim. You see, at Ike Cellular, Grace the bookkeeper places all the company orders, checks them and captures the supplier invoices. When Grace is off, Paula handles the orders on her behalf. What Paula discovered a few months ago shocked her! Read on to find out what happened, and how you can avoid fraud related shocks in your company.... ››› more
[13 November 2013]

What the Vat auditor checks when he arrives at your office for an audit...
One of our Vat subscribers wrote in to the Vat Help Desk, wanting to find out what checks the Vat auditors carry out when they audit a business. Here's what the experts at the Practical Vat Loose Leaf say about Vat audits, and what you should expect.... ››› more
[07 November 2013]

What's the difference between a regular invoice and a tax invoice?
Do you know the difference between a regular invoice and a tax invoice? If you don't, you better read on to ensure your company's complying with the Vat Act.... ››› more
[31 October 2013]

One Vat Act rule commission agents and brokers must follow when doing self-invoicing
The Vat Act has specific rules for commission agents and brokers. One of them is the issuing tax invoices to businesses that pay you commission for sales exceeding R50. To do that, you can make use of the 'self-invoice' process. Here's what you need to know about self-invoicing so you can stay on the right side of Vat Act.... ››› more
[28 October 2013]

How does accounting differ from bookkeeping?
There's a great deal of confusion about accounting and bookkeeping. And while the terms are often used interchangeably, the functions of a Bookkeeper versus those of an Accountant are VERY different. Read on to discover the difference between an Accountant and a Bookkeeper so you can make an informed decision when hiring.... ››› more
[25 October 2013]

Insolvency and tax: Here are the tax consequences if you're the creditor
Have you ever wondered where SARS stands when a business goes under? If you're the creditor, read on find out what to expect so you won't find yourself between a rock and a very hard place...... ››› more
[24 October 2013]

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