Tag: tax

What is Cost of Sales?

Cost of Sales Opening stock  Plus Purchases  Less Closing stock = Cost of Sales Cost of Sales is direct cost of product sold, shown in the Income Statement Opening/Closing stock is shown in Balance Sheet

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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 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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