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Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
You can claim Input VAT on all purchases and expenses that are business-related, but as mentioned there are exceptions. Below is a list of transactions that you CANNOT claim VAT on, even if you were charged VAT on them:
Entertainment. This includes refreshments for your staff like tea and coffee, a customer lunch, and year-end parties or other events.
Petrol and diesel, because these are zero-rated supplies
Transport by road and rail, because these are exempt supplies
Any purchases that you don’t have a VAT invoice for.
Salaries and wages, because these are exempt supplies
Car purchases: There are exceptions to this exception, though. If you run a car dealership or car rental, you can claim Input VAT on the car purchase. If you buy a delivery vehicle or motorcycle, single-cab bakkie, transport truck, bus, or a special-purpose vehicle like an ambulance or a hearse, you are allowed to claim Input VAT.
Long-term or life insurance premiums and interest, as these are financial services.
Donations
VAT is generally split into three categories:
Standard-rated: where VAT is charged at 15%.
Zero-rated: where VAT is charged at 0%
Exempt: where No VAT is charged
As a VAT vendor, you must always charge VAT on your goods and services at 15%, EXCEPT on items that are zero-rated or exempt from VAT. (Remember that).
The distinction between zero-rated supplies and exempt supplies is very important to understand as it determines whether you can claim Input VAT or not on the items.
When you sell products or services under the standard (15%) or zero-rate (0%), you CAN claim Input VAT.
If you sell products/services under exempt supplies, you CANNOT claim Input VAT.
To qualify as an SBC, a business must meet certain requirements.
The following is the list of requirements that a company must meet to ensure they qualify as an SBC which will allow them to take advantage of the SBC benefits:
1. All shareholders in the company or members of a cooperative or personal liability company must at all times during a fiscal year be individuals or natural persons;
2. No shareholders or members may hold any shares or have any interest in the equity of another business, other than small businesses as defined in section 12E(4);
3. The firm’s annual income may not exceed R20 million;
4. Investment income, as defined in section 12E(4), including dividends and rental income, is not permitted to comprise more than 20% of the company’s total receipts and credits (other than capital) or capital gains; and
5. Personal service providers: personal services, as defined in section 12E(4), must not be offered by the firm – essentially a business should not be a personal service provider.