- 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 to stay on SARS' good side if you're forced to make a late Vat payment
- It's good business practice to save yourself time and avoid unnecessary fines and penalties by making your Vat payments correctly and on time. But what happens if your payment is late due to unforeseen circumstances? Read on to discover what your company can do to stay on SARS's good side even with a late payment.
It's your responsibility to ensure SARS receives your company's Vat payments corr... ››› more
- [29 December 2016]
- Three guidelines if you can't pay SARS your VAT liabilities on time
- Your business now finds itself in an unavoidable position where it can't pay SARS its VAT liabilities on time.
This is a big deal because you're still liable! And you'll be facing serious penalties along with interest.
So instead of just leaving it, follow these three guidelines if ever you can't pay your VAT liabilities on time...
Has SARS taken ages to re... ››› more
- [16 May 2016]
- Vat issues with SARS? Here's how you can solve them
- Do you diligently pay your Vat each month? But you've still been flagged for a Vat audit?
Here are several things you can do to make sure you comply with the rules set by SARS, and avoid being flagged for a vat audit:
1. Check your Vat returns and make sure they are updated.
In case you don't want to spend your business' capital paying fines to SARS, comply with the regulations and keep ... ››› more
- [07 May 2015]
- Make sure SARS hasn't lost your Vat payments! Here are six ways to check
- You know what it's like. You apply for tax clearance and suddenly SARS says you haven't paid your Vat for October 1992!
How do you fix it fast so you can get your tax clearance certificate?
Let's have a look at the six main functions introduced and how it will help you to get a grip on your Vat payments.
To access the new functionality you must be a registered e-Filer. Not registered for... ››› more
- [28 April 2015]
- You've completed your Vat return but can't afford to pay SARS... Now what?
- It's that time of the month again where you have to make your Vat payment to SARS.
You complete your Vat return as usual, but to your surprise, you realise the amount is huge and you can't afford to pay it over.
Naturally, you panic. You know it's a legal requirement to pay Vat and you could land up in jail if you don't.
Before anxiety overwhelms you, take a deep breath. There's a way to ... ››› more
- [15 January 2015]
- Do you know the consequences of late Vat payments
- It's your responsibility to make sure SARS receives your Vat payments correctly and on time.
You can make your payments by using any of these payment options: eFiling, Electronic Funds Transfer (EFT) through Internet banking and by making a Bank Deposit.
While SARS has made these payment options available, Vat vendors continue to make late Vat payments.
As a result, they face certain cons... ››› more
- [09 September 2014]
- To meet your Vat deadlines, use this handy checklist to confirm your Vat category status and tax period
- 'Vat vendors aren't created equal'.
By this, we mean not every vendor pays Vat at the same time. You must make your Vat payments according to your Vat category or tax period.
The tax period you'll submit your Vat return in is based on your business' turnover in any 12-month period.
Use this handy checklist to confirm your Vat category status and tax period so you ... ››› more
- [20 June 2014]
- Four important pointers to help you meet your Vat deadlines and avoid penalties
- It's your duty to ensure SARS gets your Vat payments correctly and on time.
If you fail to do this, SARS will levy a 10% penalty and additional interest for each month your Vat payments are late.
So be thorough, well-organised and get your payments in on time!
To do that, we recommend you keep these four important points in mind...
Think Vat doesn't apply to y... ››› more
- [02 June 2014]
- What proof of Vat payments must I keep and for how long?
- We get a lot of questions from vendors.
And one that always crops up is about Vat payments.
Most of them want to know how long they must keep proof of their Vat payments and what they must keep.
Read on to find out what Dee Bezuidenhout, one of the writers for the Practical Vat Loose Leaf Service and Independent Vat Consultant says you must do when it comes to proof of Vat payments.
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- [26 May 2014]