All about VAT: How your refund will be paid
Thanks to all the changes over at SARS, the taxman only issues payments and Vat refunds by direct, automatic electronic transfer to your bank account.
Because of this, you need to make sure SARS has your full and correct bank details so it can facilitate smooth and uninterrupted refunds. Keep in mind that SARS won't pay interest on late refunds where the refund was late because you failed to submit your banking details.
Notice that it's your responsibility to provide SARS with the necessary information to refund you. Here's what they need from you if you have to get these details changed.
You'll need to go to SARS with the full details if you change your bank account
Here's what to take with you:
• A letter saying you want to change the bank details, stating what the new bank details are;
• The last 3 months' bank statement;
• An original letter from your bank that states your account details and is verified by the official bank stamp.
• The original utilities bill of the enterprise
• Certified copies of the IDs of the owner or CEO of the business
*********** Top Product ***************
BREAKING NEWS: SARS introduces more changes to the VAT return
Are you 100% sure you've covered all your bases?
All it takes is putting a zero in the wrong place on your VAT return to get in trouble with SARS – and even trigger an audit!
Don't let this happen to you!
Avoid simple yet costly mistakes with this number one resource no business should be without!
Also, remember that if you change bank details, the owner or CEO of the business themselves must go into the SARS client service centre in the area where your business is Vat registered. It's important to know that SARS will NOT help your tax practitioner, bookkeeper, secretary or your driver!
What happens if you need SARS to pay your Vat refund into another bank account?
Keep in mind that when it comes to this, SARS will only let you use a different bank account for a refund to the one you provided when you registered as a Vat vendor under special circumstances.
You'll have to fulfill two conditions to do so:
1. Provide SARS with proof of the necessary authority to do this, such as a company resolution authorising the action.
2. Indemnify SARS from liability for any losses it might incur by paying the refund into the nominated account instead of the account of the registered vendor. You can get a copy of the official indemnity forms (Vat19I) from your local SARS branch or download them from the SARS website (www.sars.gov.za).
This is important: SARS is doing away with this practice of vendors using nominated bank accounts – so it's best if you get your own!
Note: 5 of 1 vote