Does your company buy and resell stock on a daily basis? If so, 'ensure you keep these eight records safely to avoid Vat penalties and interest from SARS,' says the Practical Vat Handbook.
Keep these eight records if your company buys and resells stock
#1: Any records that document all the goods or services you supplied, received and imported for the tax period;
#2: Tax invoices, receipts and cash register tapes that show your end-of-day Z-readings;
#3: Stock sheets;
#4: Control lists; and
#5: For imports, you'll need the following:
#6: If agents act on your company's behalf, get the following from them within 21 days of the transaction:
#7: For property transactions where you want to claim Vat, you'll need to keep:
#8: If you're claiming notional input tax on second-hand goods, remember to keep a Vat264 declaration form.
Remember, you must keep these records for a period of five years. Doing this will ensure you avoid SARS penalties.