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Four important pointers to help you meet your Vat deadlines and avoid penalties

by , 02 June 2014
It's your duty to ensure SARS gets your Vat payments correctly and on time.

If you fail to do this, SARS will levy a 10% penalty and additional interest for each month your Vat payments are late.

So be thorough, well-organised and get your payments in on time!

To do that, we recommend you keep these four important points in mind...

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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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These four points are the key to meeting your Vat deadlines
 

#1: Experts behind the Practical Vat Loose Leaf Service say, if you have to pay Vat over to SARS, you have until the 25th of the month following the end of your tax period to do so.

#2: If the 25th is a Saturday, Sunday, or public holiday, you must make payment by the last working day before that.

#3: If you make payment by debit order, your return (VAT201) must still be with SARS on the 25th, even though your payment may go off your bank account on the last working day of the month.

#4: If you eFile, you have until the last working day of the month to file your return and payment.

We're not done with advice on meeting your Vat deadlines

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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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SARS' various payment have made it easier for you to pay Vat

Save yourself time and avoid unnecessary fines and penalties by making your Vat payments correctly and on time. You really have no excuse considering you have three payment methods available to you:

  • eFiling

  • Electronic Funds Transfer (EFT) through Internet banking

  • Bank deposit.

If you stick to the payment method that works best for your business and use the three pointers we've outlined, you'll have no trouble meeting your Vat deadlines.



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