23 Jul VAT is 15% effective 01 April 2018
VAT is 15% effective 01 April 2018… Or is it? And how ready is your business?
What’s Going On?
The Minister of Finance announced the value-added tax (VAT) rate increase in his budget speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% with effect from 1 April 2018. This means that from 1 April 2018, all taxable goods or services supplied by vendors, goods imported, as well as certain services supplied by non-residents to residents for nontaxable or private use (imported services), are subject to the VAT rate of 15%.
However, it isn’t as simple as that, there are many variables to consider when determining the correct VAT rate to charge your customers come April 2018. Another factor you will have to consider is, ‘Are your suppliers using the correct VAT rate on your invoices?’ and ‘Are your staff ready to handle this change over?’
We are aware that this is going to greatly affect and impact your business, staff and customers.
DON’T PANIC!
The VAT change may be daunting but Don’t Worry, HWAS has got your back…
We have put together a fantastic 1 hour training session aimed at equipping you and your staff with all the vital information you will need to ensure your business is prepared on the 1st April 2018.
Some of the most important points of discussion will be:
- Transaction Dates
- Stock prices quoted & advertised
- Accounting Systems
- VAT 201 Returns
- Rate specific rules
- Agreements
- Sales, billing systems, issuing of cash register slips, tax invoices, debit & credit notes
- Receipt of quotes, tax invoices, cash register slips, debit & credit notes
- Importation of goods
- Updated list of Zero Rated supplies
Training will be held at HW Accounting Services office on the 22nd March 2018 at a minimal cost of R100 per person. Light refreshment will be provided.
To find out more about our training session or to make a booking, please contact Melanie@hwms.co.za .
In the interim we have attached some useful material regarding VAT, namely:
- VAT Box – This is a guideline to be used when processing on your accounting software
- List of Zero Rated VAT supplies – These are supplies whereon VAT is charged at 0%
- List of Exempt VAT supplies – These are supplies that are exempt from VAT
If you would like to discuss any other urgent concerns please contact us for assistance on 031 207 1572 /031 207 3665 or email us info@hwaccounting.co.za