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Have you made this mistake on your return? Then follow this simple step to avoid prosecution and penalties from SARS

by , 11 May 2016
Making a mistake on your PAYE, VAT or income tax return, can have disastrous results on you and your business. Because you risk being liable for prosecution by SARS, along with heavy penalties!

But should you ever find yourself in a situation like this, it's worth noting that there's a way out of it!

Keep on reading to find out what I'm talking about...

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Putting a zero in the wrong place on the new Vat Return could trigger your next SARS audit!

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I'm talking about the Voluntary Disclosure Programme (VDP).

What is it exactly?

In 2010, SARS introduced the VDP to encourage taxpayers to voluntarily admit their non-compliance with SARS, such as mistakes on their returns, registering for the incorrect tax type and so on.

But bear in mind that you have to first qualify for the VDP if you wish to take advantage of it.

How to qualify for the VDP

The requirements to qualify for the VDP include the following…

·         Your disclosure has to be voluntary;

·         It has to be a new disclosure. In other words, you can't have already disclosed it to SARS;

·         You must provide all relevant information pertaining to your situation. IN other words, you mustn't withhold any important information from SARS;

·         It can't result in a refund from SARS;

*To find out what all the other conditions are, simply page over to page 003 of Chapter V 05 in your Practical Tax Loose Leaf Service handbook.

Alternatively, click here to order your copy of this informative tax resource today.
IMPORTANT NOTES: Remember, this is an opportunity for you to correct what you've done wrong. So if you choose not to, don't expect
SARS to go easy on you.

Also, don't worry about the information you disclose, as it's completely confidential. You see, the VDP is a completely separate unit within SARS, and so they won't go sharing your information with other SARS units. They're simply not allowed to! 

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