Updating employee handbook
Furthermore, you must keep your records for five years! ❐ Short term insurance payments ❐ Sundry sales and journal entries ❐ Prohibited input tax deductions, e.g.
for entertainment expenses or the hire of passenger motor vehicles ❐ Documentation – is it all correct and do you have everything you need to support your claims?
Although financial services such as transactions by cheque payment and interest on credit loans are exempt from Vat, the service fee on your bank accounts IS Vatable, and you can claim back the Vat you pay on these amounts.
South African bank charges are very high and this is one way to contribute to your overall cashflow and get something back!
If so, you are one of many, many Vat vendors who either have not received their refund, or, who have received it – but only after waiting for ages! In addition, the law also says that if they don’t do so, they must pay you interest on their late payment! This is one of the first areas the audit team will lock onto when they audit you, so make sure you’re paying your output tax on company cars!
You will see just how practical and beneficial this Loose Leaf is.This code is compulsory if you complete all these new fields.Since SARS switched to this new form in June, it expects that you’re going to use it exclusively, to submit your Vat returns.❐ Are you claiming all the Vat inputs on your debit order payments?
❐ Bad debts ❐ Cancellation of Vat registration – this can give rise to an output tax liability on the remaining stock or assets ❐ Leases and rentals – the time of supply is often wrong ❐ Quotes – are you issuing Vat inclusive quotes?Do you purchase flower arrangements for your reception area? You can claim back the input tax on these everyday office expenses. This way you won’t have to photocopy 5 000 invoices, when they ask for them?