The small mistake that could cause big trouble
According to Vat law SARS has the right to withhold your refund if it suspects anything's wrong with your return.
Unfortunately, it doesn't take much for SARS to have a 'reasonable' excuse to do this.
Our contacts at SARS tell us small administrative mistakes raise many of the red flags that could hold your refund back or even trigger an audit.
It could be something as simple as leaving a space instead of putting a zero in column 1 or 1A of your Vat return.
Click here to find out how to get your Vat return right every single time.
How to get saved copies of your past Vat returns
You don't really have to keep hard copies of your Vat return. Or, if you do keep hard copies, and can't find one, SARS has it saved on your eFiling profile!
How to access your past Vat returns in four easy steps:
Step #1: Log onto the eFiling Vat section.
Step #2: Click on 'returns' in the top menu.
Step #3: Click on 'Value-added Tax'
Step #4: On the right hand side of the screen is a little 'drop down' box where you insert the relevant tax period, and the Vat return opens up for you! Now let's look at how to view your Vat account…
How to check your Vat account is clear before you apply for a Tax Clearance Certificate
You all know that when it comes to requesting a tax clearance certificate, SARS will refuse your request even if you owe them 12 cents from 20 years back. So, to be sure your Vat account is clean with SARS, you can obtain a copy of your account from eFiling!
1. Log into eFiling.
2. Click on 'returns' in the top menu.
3. On the left-hand side, select 'Vat Maintenance' and then on 'account maintenance' and just fill in the options.
4. Your relevant Vat account then appears, like magic!
How to process Vat payments on the last business day
The best for last. When you eFile, remember that you can pay your Vat on the last business day. This may give you a bit of space cash-flow wise! This includes submitting your return! Don't let SARS bully you and penalise you for not submitting your Vat return on the 25th (as it does in many cases!). The Vat law is clear! When you eFile, you can submit your return and payment on the last business day of the month following the end of the tax period.
Durban, Bloem and Joburg, I'll be presenting my Vat Masterclass in your city this year. Have a look at the brochure
and join me as I reveal more SARS secrets from the inside!