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Did you know: Getting this ONE form wrong could be the reason you can't claim Vat on your exported goods?

by , 25 April 2014
If you're in the business of exporting goods, you probably know all about how Vat works. But before you can even think about claiming Vat on your export goods, you need to get them into the country first. Today, we'll show you how to ensure you submit the right Customs Declaration Form (SAD 500) to the Customs office...

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Errors in Vat invoices could cost you thousands!

Are there any inaccuracies in your Vat invoices? You may be charged a very high penalty!

Click here to find out how to make sure your Vat invoices are 100% legal
 

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If you don't want Customs to disallow your export, make sure you know the five types of SAD 500s

Exports can be a tricky area to negotiate and to get right.

The fact that there are five types of SAD 500s also doesn't make things any easier.

But, there's no need to worry, the Practical Vat Loose Leaf Service has got you covered.

Take a look at the five types of SAD 500s so you can use the right one and ensure Customs allows your export

Type #1: SAD 500. You must submit this document in the following cases:

  • When you export South African goods;
  • Re-export imported goods; and
  • In the export of ships/aircraft stores (goods for foreign-going aircraft and ships).

Type #2: SAD 501. Submit this form when the SAD 500 isn't long enough and you need to continue listing all the items.

Type #3: SAD 502. Use this declaration form for Transit Control of goods (cross border movements).

Type #4: SAD 505. Customs requires this form for Bond Control of goods (internal bonded movements).

Type #5: SAD 507. You must use this form to give additional info if the space on the SAD 500 isn't enough.

Note: Click here to download all these forms.

There's one more thing you need to know about the Customs Declaration Form. Read on to find out...

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Think Vat doesn't apply to your payroll? You're wrong!

Avoid this common error and keep SARS away from your door at audit time.

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You must include the following info on your SAD 500

The Practical Vat Loose Leaf Service says all these forms require you (the exporter) or your agent to indicate the foreign consignee, the place of export (port or airport), the form of transport and the estimated date of departure, on the forms.

The bottom line: Customs won't approve your export if you submit the wrong SAD 500 and what's worse is you won't be able to claim Vat on exports. So make sure you submit the correct one.



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