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Tax Invoice

  • Tax invoices 101: Here's what's acceptable when it comes to tax invoices
  • The following in tax invoices will stand up to SARS' scrutiny Are there any inaccuracies in your tax invoices? If SARS asks you to sign this document... STOP! Put down that pen. You have the right to refuse SARS is very strict when it comes to tax invoices. For example, you must ensure certain details appear on your tax invoice and you must adhere to certain require... ››› more
  • [16 June 2017]
  • Is this a valid tax invoice?
  • We all know that you can claim input tax for any amount less than R5 000, with an abbreviated, or shortened tax invoice. This means the name, address and VAT number of the buyer doesn't have to appear on the tax invoice. Essentially, it can be made out as 'cash'. Now have a look at this abbreviated tax invoice below. What do you think is glaringly wrong with it? *************Errors in your ... ››› more
  • [23 March 2017]
  • 'Dee - I'd love to attend the VAT Masterclass but I think it's too expensive!'
  • When we were taking our bookings for our May 2016 VAT Masterclasses, one of our prospective attendees said they wouldn't attend the VAT Masterclass as it was too expensive. This got me thinking about costs and the relativity of paying R6 495 ex VAT for the comprehensive 2 day VAT Masterclass course, versus what SARS could charge you if you make a simple mistake on your return. And then I t... ››› more
  • [25 July 2016]
  • SARS will deny your input tax claim WITHOUT this seven point checklist
  • I was having my regular coffee with Peter Franck, you know, the editor-in-chief for the Practical VAT Loose Leaf Service. He'd just come back from SARS and looked quite exasperated. Of course, I had to ask him why he had such a long face. He told me that he was arguing a case for a client who would potentially lose out on a R2.3 million rand input tax claim. All because his client failed t... ››› more
  • [06 July 2016]
  • NEWSFLASH: SARS releases new rules on what a VALID tax invoice is
  • Dear reader, You're probably quite strict about making sure every invoice you receive has the words tax invoice clearly written at the top. Because, this is what SARS has required all along... right? Well, from 8 January 2016, SARS has relaxed its regulations on the name of a valid tax invoice. And no, you won't lose out on your input tax deductions. They'll let you claim, if you use one of ... ››› more
  • [26 April 2016]
  • 1 Common input tax mistake and how to avoid it
  • Many believe they've got input tax nailed. But the reality is that unnecessary mistakes continue to be made over and over again. And SARS doesn't take too kindly to these. If you don't claim your input tax correctly, SARS will not only deny your input tax claim, but they'll also dish out harsh penalties and fines, with interest! In this article, we'll look at 1 common, yet completely unne... ››› more
  • [15 April 2016]
  • VAT Case law: What happens if you can't produce tax invoices for input tax claims?
  • Within the VAT chain, the most important link is the tax invoice. If you claim input tax without it, SARS will bring up an assessment and penalise you very heavily. Here is a VAT case that shows you what happens if you claim input tax without tax invoices. Read it and see what you can learn from it... VAT Case 789, North Gauteng High Court, 10th September 2012: In this VAT case, a vendor ... ››› more
  • [21 December 2015]
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