Does QuickBooks VAT201 make provision for VAT Rate 8.4%- Guest houses and Hotels?

VAT Rate 8.4% on accomodation & living costs exceeding 28 days- Guest Houses and Hotels.

The VAT Act has special provisions relating to the calculation of VAT by hotels and residential hotels. These provisions attempt to put persons living in hotels, boarding houses and old age homes on an equal footing with persons living in flats and houses because the rental of residential accommodation and mortgage bond interest are exempt from VAT. As the rules are fairly complicated the following article should only be studied by persons operating such businesses.

QuickBooks does not cater for block 5 through to 9 and reccomend creating a manual VAT code instead.

The VAT will be assigned to block 4,1 Domestic Sales and filtered in Excel to arrive to exact amounts that will be entered on SARS E-filing.

A request has been made to include above mentioned blocks on QuickBooks VAT201 return.

(Formula examples of living costs in and outside of the 28 day period can be viewed on SARS website).

 

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Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.