Tax Bulletin Archive May 2009

Help, I thought the use a pool car wasn’t taxable!

A client of mine was horrified to find that she was taxed for using the company pool car. “But I thought a pool car could be used tax free” she exclaimed as she sat across from me.

It is...but only if you use it correctly!

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Late invoices killing your cash flow? Here’s how to soften the blow...

Do your clients only pay you 60 or 90 days after you invoice them? Unfortunately, their late payment doesn’t stop the income accruing to your business or halt your tax and Vat liabilities triggered by the invoice. One way of preventing this cash-flow killer (as far as Vat is concerned) is to change from the invoice basis, to the payments basis of accounting for Vat. On the payments basis, you only account for Vat on actual payments made and received, not on payments accrued! 

 

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Don’t eat your Vat input tax!

Do you (or your company) run your own staff canteen? If you do, you’re acting as a principal. How you treat your Vat will depend of whether the prices you charge for food cover the costs of supplying meals and drinks (direct costs) AND the operating (indirect) costs of your canteen.

 

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Easy! A simple email will ensure SARS pays you ALL your interest

SARS now sends your income tax assessments electronically. That’s the good news. The not-so-great news is that when it comes to Vat refunds, it’ll still send your query letter by registered snail mail. SARS usually does this in the last week before your refund is due, so it can avoid paying interest on a refund not made within 21 business days of receipt of your VAT201 return.

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