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Follow these two rules to get your Vat refund back from SARS on time

by , 22 May 2014
Vat refunds play an important part to ease the cash flows in your business.

You must use every allowable input tax deduction you're entitled to, to maximise your refunds and claim back every legal cent you can.

But how do you ensure SARS gives you your Vat refund on time?

Follow these two rules...

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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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Want to get your Vat refund on time? Stick to these two rules

Rule #1: Make sure you have accurate records

SARS can suspend your payment and any interest on it if you can't verify the refund when it asks you to do so (Section 45, Vat Act).

The same applies if it can't get hold of you.

So not only do you have keep accurate records, but you also have to ensure SARS has the right details to get hold of you.

Rule #2: Make sure you don't have other outstanding tax issues

The taxman will refuse to pay your Vat refund if you have other outstanding tax issues. This includes not accounting for employees' PAYE, or owing money to Customs!

Since we're still on outstanding tax issues, don't forget to submit your Employer Reconciliation Declaration (EMP501) and Employee Tax Certificates (IRP5s) for the period of 1 March 2013 to 28 February 2014 on or before the 30th of May.

If you fail to submit, this could affect your Vat refunds later on.

In fact, the Practical Vat Loose Leaf Service says 'if you owe SARS money, SARS will use your refund to settle the other taxes, penalties and interest.'

Here's the bottom line when it comes to Vat refunds.

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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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The bottom line is that:  You must keep all your tax affairs, payments and returns current and up-to-date to ensure smooth payment of your Vat refunds.



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