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VAT - Coggle Diagram
VAT
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OUTPUT v INPUT
Output
supplies made BY vendor (SOLD/SELL) : Obliged to levy VAT on goods or services supplied by it in the course of its enterprise
VAT CHARGED when vendor SELLS so INCOME
Input
supplies made TO the vendor (PURCHASED/BOUGHT): Entitled to claim back any VAT on acquiring goods or services to be used by it in carrying on an enterprise
VAT CLAIMED when vendor BUYS so EXPENSES
Tax Returns
When should returns be submitted?
VAT returns are due the month after your tax period ends.
If your tax period covers December and January (Category A vendor), then you must submit your VAT return by the last working day of February.
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Record Keeping
A Vendor can only claim Input VAT if he is in possession
of certain documents
•VAT Invoices > R50 if less than R50 then don't need invoice
VAT Invoices > R5 000 the invoice should include: Description of goods
VAT ref number (10 digits that start with a 4)
Details of the sale
Recipient details