5 Steps to complete your VAT201 return with ease, every time
It's almost time to file your VAT return form again. And it's important to approach your VAT return with care every time you complete it.
You see, your VAT return in a legal document and has steep consequences for mistakes or misrepresentations you make. If SARS catches you out, they'll think you're trying to evade tax, and could give you a criminal record.
But don't get bogged down with this task. Follow our 5 simple steps to complete your VAT return seamlessly every time.
Use these 4 Steps to complete your VAT return today
Log in to SARS efiling. This is much faster than going to SARS and waiting all day long in a queue!
Request your VAT201 return for the tax period you're filing for. The VAT201 will open in 3 pages.
Page 1 gives you the name, VAT number and tax period for your business. Here you need to complete the contact details of the person capturing or 'filling in' the return.
SARS will use this information to update its details of the contact person is. And they'll know who to get hold of, if they have any queries.
Read on for the next 3 steps…
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Check the following 4 items or you could be asking for a SARS audit:
The tax period is correct;
If you're an importer, check your importers code is on the return;
Check if you're eligible to claim for diesel, and
If you can claim for diesel, check the type of industry you're involved in.
Then ensure the 'X' is marked in the correct block.
Move onto page 2 of the return. Here you need to account for output tax. Also marked as 'A. Calculation of Output Tax'.
Make sure you double check your calculations!
Page 3 of the return: Also marked as 'B. Calculation of Input Tax'
This is where you claim your input tax.
Remember: Read the description of each block and make sure you fill in the correct ones, or you could trigger an unnecessary audit from SARS! For example, don't put zero rates (meant for block 2) in at exemptions (block 3).
But there's so much to tell you about the different blocks you need to use. So I've asked Dee Bezuidenhout
to dedicate an entire to discussing how to complete your VAT return correctly and what every block is meant for, at the VAT Masterclass
Now that you know how to complete your VAT return, use these 10 tips to get your VAT refund quickly from SARS.
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