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tax invoices

Use these guidelines to claim input tax on local flights
Not many people know which portions of their air travel costs carry Vat charges which can be claimed as input tax. Do you? You don't have to forfeit your input tax claims anymore. Read on to find out what you need to do to guarantee you get cash back in your pocket on all your local flights.... ››› more
[07 May 2013]

One new Vat Act change you must know regarding tax invoices
If your business is Vat registered, you'll know a tax invoice's the most important link in the Vat chain. As our Vat specialist Dee Bezuidenhout can tell you, every year at the end of the Vat Materclass, we receive countless questions on the right way to issue correct invoices, and when to use the abridged invoice format.... ››› more
[16 April 2013]

Keep all financial records if you're charging Vat at the zero rate, or else...
Vat's been around for 20 years in the UK, and the UK's standard rate was increased to 20% in 2010. It's still just 14% in South Africa. But this is seen as the 'easy side' of Vat. It's when you're business charges Vat at the zero rate that you open yourself up to problems with the tax man. Here's how to make sure you're charging Vat at the zero rate correctly so you stay out of trouble with SARS.... ››› more
[10 April 2013]

Prevent a SARS audit in your business today as SARS gets stricter than before!
Minister of Finance Pravin Gordhan has just spoken out on SARS' success in meeting this year's tax revenue target. It's impressive, as SARS managed to collect R4 billion more than its target. SARS's done so by tightening up compliance issues and investigating when businesses claim large tax refunds through the SARS Large Business Centre - here's how to make sure your business doesn't get caught out for doing so and trigger a SARS audit!... ››› more
[03 April 2013]

Facing a Vat audit? Make sure you have these ten financial records at hand...
Nothing causes more panic in a business owner than receiving notice from SARS that your business faces a Vat audit. But most of the panic comes from uncertainty of what to expect. You may not even have done anything wrong, so don't worry. Your Vat audit may have been triggered simply because your accountant entered a zero in the wrong spot on your Vat return. In the mean time, here are ten financial records SARS will want to inspect during a Vat audit - make sure they're easy to access during your Vat audit.... ››› more
[26 March 2013]

Two things you must do to guarantee SARS will accept your input tax claim
Finance Minister, Pravin Gordhan will deliver his 2013 Budget Speech to Parliament on later today. There have been several requests from business for tax reliefs leading up to today and many are hoping this comes through. If they don't, businesses will come under even more pressure to pay taxes. Luckily, you'll still be able to use your input tax credit to reduce your Vat bill, or qualify for a refund! But to do that, you need to make sure your input tax claims fulfil these two criteria... ››› more
[27 February 2013]

Avoid this simple tax invoice mistake - it counts as Vat fraud!
Three men have been jailed in Britain for setting up nine fictional firms so they could get away with £300,000 in a Vat scam. But Vat fraud isn't always a cloak and dagger, pre-planned event. It's surprisingly easy to commit Vat fraud - here's one way to avoid it.... ››› more
[11 February 2013]

Four rules you must know before you issuing your next tax invoice
It might be standard practice for your company to issue both a physical tax invoice and an electronic tax invoice to clients, but doing so is a criminal offence! Lenell Hattingh, FSP Business's online product manager, explains the five things you need to do to avoid SARS slapping you with an R80 000 fine when sending out an electronic tax invoice.... ››› more
[18 January 2013]

Do you really need a tax invoice?
As a business owner, you can't take tax invoices for granted: Forget to issue them or omit them from your monthly Accounting reconciliations and you'll land your company in big trouble with SARS. But there are a few instances when having a tax invoice isn't necessary. Here's a quick look at the ins and outs of tax invoice you need to know about...... ››› more
[18 January 2013]

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