A farmer in the UK has just been jailed after submitting his Vat
return forms manually.
He used correctional fluid or Tippex on the forms to make a hefty fraudulent Vat
Here's how Snow's fraudulent Vat refund claim was discovered…
A large refund claim made the HM Revenue and Customs suspicious as Snow's business had previously been facing difficulties.
Nothing out of the ordinary about that, in fact it's one of the top reasons for a tax audit
But on investigation, they found that Snow's 'refund' was due to Tippexed dates and payments on invoices, which then matched the amount of Vat
he'd claimed, explains The Belfast Telegraph
He's since been arrested and charged with Vat
So don't even think of using correctional fluid like Tippex when submitting any documents to SARS manually, even if you've made a legitimate mistake.
This is one surefire way to trigger an audit from SARS.
It'll also delay your refund, as SARS clearly states
that no correction fluid or Tippex is allowed on documents submitted.
So if you do make a mistake, you'll need to start over with a new form.
Luckily, when it comes to Vat
returns, you can save yourself the hassle completely! That's because SARS only allows you to submit your VAT returns online!
And this is also a great way to check up on whether SARS has processed your Vat
refund or needs more information from you through the SARS Vat
refund dashboard, says FSP Business