VAT vendors are generally allowed to deduct the VAT borne by them on goods or services supplied to them, if they acquire these goods and services to use in their business, where supplies subject to VAT are made. An exception to this principle is that a vendor is prohibited from claiming the input tax on certain goods and services, based on the nature of the goods or services. The nature of items such as vehicles, accommodation, meals and club memberships, to name only a few, make it difficult for the tax authorities to verify whether such goods or services were acquired for private or business consumption. This could put the fiscus at risk of having to make refunds for VAT on private expenditure outside the chain of value being added to commercial supplies. To complicate matters, the rules prohibiting the deduction of input tax do make provision for certain exceptions where the cost can be clearly linked to business activities.
Today's hyper-connected business people are bombarded with more information than ever before. We are all faced with information overload.
Many businesses have tried to encourage their offices to go paperless. However, people still have stacks of paper, magazines, articles and reference materials all around their desks. Inboxes are overflowing with ever increasing volumes of emails. Businesses are spending more and more on digital storage (and physical storage). So how do you manage information overload?
Most good marketing campaigns will focus on communicating a company’s Unique Selling Point (USP). In today’s crowded market, customers have more choice than ever before. This increase in competition makes finding, defining and communicating your USP more important than ever before.
So what is your company’s USP? Do you offer the faster, better or cheaper product or service? Maybe your people are regarded as the best or most efficient? What is it that is truly unique about your business?
Perhaps a cliché, but there has never been a truer word spoken that the only constant in life is change.
The result of Britain’s withdrawal from the European Union, termed Brexit, means that you and your business must be prepared to change and adapt to a new business environment, even in South Africa.