VAT on Discounts and Settlement Terms
A discount reduces the value of the supply, so it reduces the VAT. Conditional settlement discounts work differently.
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Tax invoices, VAT registration thresholds and what SARS requires. Every article here is checked against SARS guidance or the VAT Act and carries the date it was verified.
Articles
Bad Debt Relief on VAT
If you declared VAT on an invoice that was never paid, relief may be available. The conditions, and the time limit that catches people.
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Debit Notes: Correcting an Undercharge
A credit note reduces an invoice. A debit note increases it. When you need one and what it must contain.
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Invoicing Clients Outside South Africa
Currency, payment routes and what to put on the invoice when your client is abroad. Plus the VAT question that needs proper advice.
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Time of Supply: When VAT Falls Due
VAT is generally accounted for when the invoice is issued or payment is received, whichever comes first. Why that catches businesses out.
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Charging VAT When You Are Not Registered
Adding 15% to an invoice when you are not a registered vendor is a contravention of the VAT Act. What to do instead, and how to fix it if it has happened.
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VAT201 Returns: What and When
The VAT201 is the return every registered vendor submits. What goes on it, when it is due, and the penalties for filing late.
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Tax Invoice, Receipt or Proof of Payment?
Three documents that get confused constantly. Only one of them supports an input VAT claim.
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Zero-Rated and Exempt Supplies Explained
Zero-rated supplies are taxed at 0%. Exempt supplies are outside VAT entirely. The difference decides whether you can claim input tax.
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