The Basics of VAT
What is VAT? Value Added Tax (VAT) is an indirect tax on the consumption of goods and services in the economy. Revenue is raised by the government by requiring certain businesses to register and to charge VAT on the taxable supplies of goods and services. That might seem a little complicated but the basics of […]
VAT: What you actually can claim but did not know about
“Who loves paying VAT?” Sadly, more often than not, no one puts their hand up. Everyone pays VAT in one form or another. It affects everybody, no matter who you are, read more about this here. That said, here are a few tips in terms of what must be done regarding the VAT requirements. Number one […]
VAT registration: How and when to cancel it
Why cancel your VAT registration? A vendor’s VAT registration may be cancelled if certain requirements are met. Who can cancel a VAT? The cancellation of VAT registration can be initiated by either the vendor (individual, company or any juristic person) or the Commissioner (SARS). Most commonly, it is done by the vendor though. When can […]
VAT impacts everyone!
South Africa implemented Value Added Tax (VAT) on the 30th of September 1991, replacing general sales tax as the indirect taxation system (1). VAT has since been the second most important source of government revenue in South Africa (2). The adverse effects of VAT on poorer consumers have been continuously debated by unions and departments […]
Do you have the accounting know-how required to run your business?
Many entrepreneurs who feel confident about their accounting know-how take it upon themselves to do their own accounting function. The thinking behind this is actually sound: “keep your fingertips on the numbers the business is producing”. Producing the goods Unfortunately, many business owners (despite having the skills to do so) don’t fully understand the rigours […]
One reason that you WANT to PAY TAX!
Why should I want to? The purpose of a company is to make a profit. Every business owner wants to make a profit. However, when you make a profit, you need to pay taxes. The overwhelming consensus from business owners and individuals is that they don’t want to pay tax. By extension of that thought […]
Facing a VAT Audit?
VAT Audit: what is it? A VAT audit is not something that a company wants but is a reality. There is nothing to be scared about really, provided that you have everything accurate, complete and ready to be handed in. For most companies, this is the case. If you are under the guidance of an […]
Reports: What’s the point?
Reports and gym? This may seem like a funny start to an article about business reports but the gym I go to is on the first floor of the building (second if you park in the basement). In any building if I can, I will take the stairs, to a reasonable floor that is. The […]
VAT on masks for staff for COVID-19?
COVID-19 pandemic The COVID-19 pandemic is here to stay and nobody in any country has not been affected in some way. BC Accounting Services is not here to offer advice on the virus itself but financial implications on companies and individuals. Virus information is to be obtained from the relevant departments of your local government. […]
VAT in a nutshell
Whatever your entity is registered as there are various tax requirements you have to meet and one of these could be value-added tax (VAT). Here is a broad explanation of what VAT is and how to meet your tax obligations as a small business. It is mandatory for any business to register for VAT if […]