With the recent flip flop of South African VAT being pushed up to 15.5% and then at the last minute reverting back to 15%, we expect that a number of companies will need to issue refunds next month if they have already processed payments like debit orders.
We have created a simple calculator (best viewed on computer) to be able to determine what that number will be. In the VAT calculator below you can enter your numbers in the blue cells and it will do the calculations for you. To understand the options, we have some instructions lower down. If you are not seeing the calculator, there is a link below for the stand alone page.
VAT Calculator
If the calculator above is not working, click here to see it
How to use the VAT refund calculator for change back to 15% from 15.5%
VAT exclusive price as the starting point
Depending on how you determined your price you can either enter the VAT exclusive price and the VAT calculator will calculate what the 15.5% would have been, then calculate the 15% that it should have been and give you the refund amount required
VAT Inclusive price as the starting point
If you have worked the total price to include the 15.5% VAT, then you can use the second version of the calculator to work backwards i.e. enter the final price which already includes the 15.5% VAT and it will recalculate the price based on 15% and give you the refund amount.
Consulting Assistance for batch calculations of the VAT refunds required
This type of calculation may be required on hundreds or thousands of payments. If you need assistance with an Excel spreadsheet that will make this possible, contact us