Generic selectors
Exact matches only
Search in title
Search in content
Search Posts
Search in pages
Search Products
Filter by Categories
B-BBEE
Blog
Company Secretarial
Featured
General Business
General Interest
Investing in Property
Marketing
Personal Growth
Personal Wealth
Tax
Trusts and Estate Planning
Uncategorized

Zero-rated supplies

A fairly wide range of basic foodstuffs together with diesel, petrol and illuminating paraffin are zero-rated as distinct from exempt. This means that the customer pays no VAT, but the supplier can, if VAT registered, claim input VAT because they are making VATable supplies (albeit at a rate of zero). Exports are also zero-rated.

If a business is sold as a going concern by a VAT registered vendor to another VAT registered vendor along with the assets necessary for the business to continue as a going concern and as long as a number of conditions are complied with, the transaction is zero rated. It is critical that the contract of sale be drawn up by someone, such as Harbour and Associates, who is completely familiar with the requirements to qualify as zero rated.

Most fee-based financial services are subject to VAT, so your bank charges, for instance will have claimable VAT added.

Exempt supplies

Certain supplies are exempt from VAT. Most notable amongst these is rental of residential property.

A supplier of exempt goods or services is not allowed to claim input VAT in relation to the input side of those supplies.

We can register your company for VAT, or even supply a shelf company that is already VAT registered. We can also submit your VAT returns.

Should you wish to make an appointment, please feel free to visit Derek’s diary and book a time that suits you.

.

Need a shelf company or CC, a tax clearance, VAT registration or B-BBEE certificate? We offer a wide range of such services.

Need help with your Trust or Buisness?

Contact us today or set up a free meeting with our CEO, Derek Springett. We have been offering expert advice and business services since 1971. You can also visit our online store to see our full list of services.