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Practical Vat Handbook

  • 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]
  • How one fatal mistake by SARS saved AB Pty Ltd R32 million
  • If you under-declare your income, SARS will hit you with a laundry list of penalties, fines and interest. AB Pty Ltd got first-hand experience of this when SARS raised R69 million in penalties and interest! But, there was something SARS didn't do which made part of the penalty fall away. Let's look at this case and how AB Pty Ltd got away with some of the penalties SARS imposed. ************... ››› more
  • [31 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]
  • The eight instances you can lodge an objection with SARS and win!
  • Here's a true story with a happy ending: I had coffee with Peter Franck, Contributor of the Practical VAT Handbook, and he told me an interesting story about one of his clients, Mr Hogenboezem*. He received a VAT assessment for R86 000 from SARS. SARS issued him with this assessment because he mistakenly claimed input tax twice on a bakkie and the invoices he received for purchases were techni... ››› more
  • [11 January 2017]
  • Three rules to complete your VAT return correctly and stay under SARS' radar
  • VAT is a 'self-assessment' system. This means you're required to work out if you should be paying money in to SARS, or if you should be getting money back from it. You do this calculation on a VAT return, called a VAT201 via eFiling at the end of your tax period. But because of numerous mistakes VAT vendors make, SARS checks the VAT returns from time to time by way of a VAT audit. And if any... ››› more
  • [22 December 2016]
  • How to claim VAT back before you're a VAT vendor!
  • One of our Practical VAT Handbook subscribers asked if he can get a VAT refund back on property expenses. The real kicker is, he hasn't registered for VAT yet! Your immediate response may be to say no - it's not possible. One of our well respected VAT experts, Kallie Van Der Merwe, a writer for the Practical VAT Handbook, answered this question for our member. Let's have a look at the ques... ››› more
  • [21 December 2016]
  • Do I have any recourse if SARS slaps me with penalties, interest and additional tax?
  • If SARS believes you intentionally under declared your output tax or over claimed your input tax, they will slap you with a hefty additional tax penalty of up to 200% of the tax. So on top of the normal VAT of 14%, you'll now also need to pay additional VAT of up to 28%, plus a 10% penalty and interest. You could even be prosecuted in court and can go to jail. But is there a way out of th... ››› more
  • [12 December 2016]
  • Screen your debit and credit notes before the SARS auditors do... Here's how!
  • SARS is very strict about WHEN, WHY and HOW you can issue a debit or credit note - especially when it comes to your VAT. Get it wrong, and you'll face penalties for sure! Not only that, but your clients/customers will also be targeted by SARS. And let's be honest - no business can afford to develop a reputation as a trouble-maker. If you answer 'no' to any of the screening questions, you're ... ››› 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. ********************* Advert VAT and vehicles – Check the details before you get into trouble!     If you run a business and... ››› more
  • [06 December 2016]
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