Tax Bulletin Archive June 2009

You should have a Vat control account!

It’s good practice to keep a Vat control account as part of your business accounting records. When you enter a transaction into your accounting system, transfer the Vat element to the Vat control account as well.
This is important because, if you can’t claim an input tax deduction on an item, it mustn’t appear on your Vat control account. Nor should you find those income items on which no Vat should be charged.

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Interest rate drops by a further 2%!

Hot on the heels of the recent 1.5% plunge in the “official rate of interest” on 1 March 2009, one of Pravin Gordhan’s first official acts as Minister of Finance has been to reduce the rate from 11.5% to 9.5% from the 1st of June 2009.

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We have less than 40 copies of our 235 Vat Tips booklet left

Peter Franck’s 235 Vat Tips booklet was one of our best sellers last year and we’ve already run out of stock twice this year. As a tax specialist, this is my only recommended pocket guide for all things Vat. Have you got your copy? If not, order it today by going to the Business Finanace section on this website.Peter Franck’s 235 Vat Tips booklet was one of our best sellers last year and we’ve already run out of stock twice this year...

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