Tag Archives: VAT

HOW TO PREPARE AND SUBMIT YOUR VAT201 FROM 1 APRIL 2018

The Minister of Finance announced a VAT rate increase from 14% to 15% effective 1 April 2018 in the 2018 Budget Speech. To assist you in preparing your VAT return (VAT201) submission, the South African Revenue Service (SARS) would like … Continue reading

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HOW WILL THE 2018/2019 AFFECT YOU, THE INDIVIDUAL?

The 2018 Budget was sure to be a delicate balancing act between the much needed tax hikes (whatever the reasons that got us onto this precarious economic precipice, the fact is that the situation is what it is) and adequate … Continue reading

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VAT INCREASE TO KICK IN ON APRIL 1

During his maiden budget speech, (former) Finance Minister Malusi Gigaba made the expected announcement that the value-added tax (VAT) rate will increase to 15% from April 1. This is the first increase in the VAT rate since April 1993 and … Continue reading

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7 PITFALLS TO AVOID WHEN SETTING UP A CASH FLOW FORECAST

Sometimes small businesses think proper financial management is better left for the Fat Cats and industry giants. No matter the size or age of your business, cash flow forecasting and budgeting is key to its success. Here are seven don’ts for setting up your business … Continue reading

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IMPORTANT SARS DATES

There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead … Continue reading

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NON-EXECUTIVE DIRECTORS – HAVE YOU REGISTERED FOR VAT?

SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come in effect on 1 June 2017. As it stands, a Non-Executive Director (NED) earning … Continue reading

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NON-EXECUTIVE DIRECTORS LIABLE FOR VAT

If they receive fees exceeding R1m in 12-month period – SARS. Ingé Lamprecht  /  14 February 2017 00:04 Moneyweb JOHANNESBURG – A ruling by the South African Revenue Service (SARS) that non-executive directors are required to register and charge VAT where … Continue reading

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THE TAXATION OF PARTNERSHIPS

In terms of South African law natural persons (individuals) and legal persons all enjoy legal personality: in other words, both groups represent “persons” capable of e.g. legally acting on their own behalf, own property and to earn income. Consequently, they … Continue reading

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EXPLAINING ZERO RATED VAT

Value-Added Tax, or VAT, is currently typically charged at 14% on all taxable supplies of goods or services rendered by registered VAT vendors. Taxable supplies exclude exempt supplies, such as providing financial services, residential accommodation or educational services (see section … Continue reading

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TRANSFER OF A PROPERTY: IS VAT OR TRANSFER DUTY PAYABLE?

A purchaser is responsible for payment of transfer cost when acquiring an immovable property, but it should further be established if the transaction is subject to the payment of VAT or transfer duty to SARS. When an immovable property is … Continue reading

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