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Follow this procedure if you need to change your Vat payment method

by , 13 March 2014
Want to change the payment method you use to pay Vat? Then listen up. There's an exact procedure you need to follow to do this right the first time! Carry on reading to find out what to do.

Here's how to change your Vat payment method

When it comes to paying Vat you have four payment options:

  1. eFiling
  2. Electronic Funds Transfer (EFT) through Internet banking
  3. Bank deposit
  4. Foreign payments

The good news is you're free to choose the method that works best for you and your business.

Now the big question is: How do you change your payment method when you feel it doesn't work for you?

Here's what you need to know about your payment method

The Practical Vat Loose Leaf Service explains that previously, you had to notify SARS in writing to cancel your current debit order before changing to another payment method, or you may have been debited twice.

Now, the moment you register as an eFiler with SARS, any existing debit orders are automatically cancelled.

While this is the case, the Loose Leaf Service says it's still a good idea to check SARS has your correct payment method listed as it's your responsibility to ensure SARS receives the correct return on the correct date.

Bear in mind that you'll still need to contact SARS to explain the situation and wait for it to confirm the change in payment method before you do so.

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Registering for Vat allows you to claim input tax back on Vat returns. To register for Vat your business must meet four requirements.

Find out what these are here.

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Don't forget the importance of keeping proper records when it comes to Vat payments

Once your SARS payment has gone through keep your proof of payment in a safe place in case there's a query or error in allocating your payment. Keep these forms for five years, in case SARS decides to audit you.

Knowing the correct procedure for changing your payment method will help ensure you're on the right side of the law.

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