- Is your VAT account overdue? Here's how to avoid it happening in the future
- When was the last time you opened your eFiling profile? Did you go to your VAT dashboard? What is the status of your VAT account?
If you haven't opened your eFiling account or checked your VAT dashboard in more than a week, check it NOW!
You could owe SARS VAT and not even know it!
And if you don't pay the VAT in time, your VAT account becomes overdue. This means penalties, interest and a... ››› more
- [05 August 2016]
- 'Dee - I'd love to attend the VAT Masterclass but I think it's too expensive!'
- When we were taking our bookings for our May 2016 VAT Masterclasses, one of our prospective attendees said they wouldn't attend the VAT Masterclass as it was too expensive.
This got me thinking about costs and the relativity of paying R6 495 ex VAT for the comprehensive 2 day VAT Masterclass course, versus what SARS could charge you if you make a simple mistake on your return.
And then I t... ››› more
- [25 July 2016]
- Ex - VAT auditor spills the beans on how you might trigger your own unnecessary VAT audit
- Have a look at this letter I received from Lucia, one of my Practical VAT loose Leaf Subscribers.
We've been audited by SARS for four tax periods in a row. That's every tax period in 2016 alone!
We submit our return in time, we're compliant with all our VAT, but every time, SARS notifies us of another VAT audit! Here are copies of our VAT returns.
What is the problem?' Aft... ››› more
- [18 July 2016]
- Newsflash: SARS has three new ways to select you for a VAT audit
- Until now, SARS used to audit your VAT on a risk assessment basis.
So if they found a couple of car dealers were evading VAT, they'd flag all car dealers as a risk, and audit them.
But now, the Tax Administration Act has given SARS three new ways to select you for an audit. Which means your chances of being selected for a VAT audit just tripled.
Read on to find out what these new ways a... ››› more
- [18 July 2016]
- Get input tax right every time with these five useful tips
- With all the changes to VAT Act, it's far too easy to make a mistake regarding input tax. And that's something you definitely don't want to do! Because one little error will not only lead to your input tax claim being denied, but also to you being hit hard by severe penalties, fines and interest.
So to help you ensure that you're on the right side of the VAT Act when it comes to input tax, here... ››› more
- [06 July 2016]
- Use this checklist to see when you can claim input tax on entertainment expenses
- VAT on entertainment expenses is a tricky area because even though it's understood you can't claim input tax on them, there are situations in which you can.
But be careful! Because if you get them wrong, you'll be hit hard by SARS penalties!
So to help you avoid them, use this checklist, consisting of three simple questions, to see when you can claim input tax on entertainment expenses...
... ››› more
- [06 July 2016]
- SARS will deny your input tax claim WITHOUT this seven point checklist
- I was having my regular coffee with Peter Franck, you know, the editor-in-chief for the Practical VAT Loose Leaf Service.
He'd just come back from SARS and looked quite exasperated. Of course, I had to ask him why he had such a long face.
He told me that he was arguing a case for a client who would potentially lose out on a R2.3 million rand input tax claim. All because his client failed t... ››› more
- [06 July 2016]
- Are you a VAT offender?
- Did you know there are over 26 instances where you could be criminally charged for evading VAT?
A simple thing like not issuing a proper tax invoice, or claiming a VAT refund when you don't have the proof, means you could be guilty of committing a criminal offence.
And there are 24 more that you may not even realise constitute VAT evasion. Keep reading below to make sure you're not evading... ››› more
- [20 June 2016]
- Ensure your VAT electronic records are SARS compliant with this checklist
- Since 2012, SARS has laid down certain rules when it comes to any documents that are kept electronically. And you need to ensure that you comply with them to avoid any possible penalties.
So to help you do just that, I have set up a quick compliance checklist, consisting of three simple questions.
Keep reading and see if you can answer them...
Save your busi... ››› more
- [15 June 2016]
- 16 Financial records you must keep if SARS wants to audit you
- Financial records are an indispensable part of any business because they prove the cash flow to auditors. And the VAT Act clearly states that you need to keep financial records for at least five years in case SARS wants to audit you, failure of which will result in heavy penalties!
So to help you ensure legal compliance, and avoid any unnecessary penalties from coming your way, here are the 16 ... ››› more
- [07 June 2016]
- Take this VAT compliance test if you're a commission agent or broker
- Do you:
· Buy or sell goods, or arrange deals or plans on behalf of others; or
· Provide services on behalf of other people, after which you charge commission for it?
If so, then you could be operating as a commission agent or broker and may be liable for VAT. So you need to ensure that you're complying with all of your VAT responsibilities.
To help you do just that, a... ››› more
- [02 June 2016]
- Your four duties to get your VAT refund from SARS on time
- Good news! When your input tax exceeds your output tax, SARS owes you a VAT refund.
To claim your VAT refund, you must
- Calculate your VAT; and then
- Submit your VAT return to SARS via eFiling.
The amazing thing about a VAT refund is it can help you ease cash flows in your business.
So there's no question that you want to get it as soon as possible.
To make this happen, don't just... ››› more
- [27 May 2016]