Category: Tax

What is Input VAT?

Input VAT If your business is registered for VAT, you can claim back VAT charged to you on products and services Input VAT = Expense * 15/115 Input VAT is claimed from SARS Input VAT will NOT be shown under Expenses in the Income Statement

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What is Break Even?

Break Even Break Even is point where sales – expenses = 0  It is calculated in units & R. It can take months or years to reach break even. Break Even helps determine when business will reach 0 & thereafter show a profit

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What is Output VAT?

Output VAT If your business is registered for VAT, you will charge VAT on the sale of products and services Output VAT = Sales * 15% . Output VAT is payable to SARS Output VAT will NOT be shown under Sales in the Income Statement

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