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Four benefits of eFiling your Vat return

by , 18 December 2013
Not using eFiling to submit your Vat returns? If so, continue reading so you can discover the four benefits of eFiling for Vat vendors.

There's no reason to submit your Vat returns and make payments manually now that eFiling is in place.

SARS eFiling is service that allows you to register free of charge and submit returns and declarations, make payments and interact with SARS in a secure online environment.

Philip Rosenberg Managing Editor of VAT201 E-report: The comprehensive guide to completing your Vat return correctly says 'given SARS' track record of losing documents, the electronic way is much better, faster and easier.'

Let's look at the benefits of e-Filing your Vat return

Revealed: Four benefits of e-Filing for Vat vendors

Benefit #1: You get to submit your returns and make payments on the last business day of the month: With manual submission and payments, you had to have the return and payment in to SARS by the 25th. Or, if the 25th was a Saturday, Sunday or public holiday, then it had to be there earlier.

Benefit #2: You can do the return and payment from your desk (or your laptop) without having to miss lunch, schlep to SARS, find parking, stand in a queue to get your copy stamped, raise your blood pressure, return to your car two hours later and pay the parking guy.

Benefit #3: You always have access to your submitted returns.

Benefit #4: You can make adjustments to the output tax (if necessary) on any back (or old) returns. That's right.

SARS says you merely request the return on e-Filing, open it, make your adjustments and re-submit the return. Remember though, you can only go back five years.

Just bear in mind that you won't be able to make the same adjustments so as to increase input tax (in case you forgot to include that really large invoice).You'll have to claim the input tax you forgot about in the next tax period (and you can't claim input tax that is more than five years old.)

SARS has really made the filing, paying and keeping records of the Vat return easy, handy and user friendly. So make use of eFiling when submitting your Vat returns.

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