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How to speed up a cash injection into your business using VAT refunds

by , 09 November 2016
How to speed up a cash injection into your business using VAT refundsIf your input tax exceeds your output tax, SARS owes you money. It's as simple as that.

And, if you're smart, you'll use every allowable input tax deduction you're entitled to, to maximise your refunds and claim back every legal cent you can and inject more cash into your business.

But it's not a quick simple process of just asking SARS for your money. Because as I'm sure you know, trying to get money out of SARS can take months.

But, it doesn't have to. I have a way to speed up this cash injection. Here's how...

***************Speed up your VAT refund****************

Revealed: How to get your VAT refund from SARS within 21 days every time

By law, SARS has to pay you your VAT refund within 21 days!

So why don't they?

Find out here...

How to make sure SARS doesn't delay your refund

SARS can, and will, delay your payment and any interest on it, if you can't prove you're due a refund when they ask you to do so (Section 45, Vat Act), or they can't get hold of you.
This just shows how important it is to keep accurate records of all your transactions and issuing of valid tax invoices.
You must make sure you don't have any other outstanding tax issues, like not accounting for or paying your personal income tax or employees' PAYE, or owing money to Customs! If you do, SARS will refuse to pay your VAT refund.
Now to the part about being able to get your refunds quickly….

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Three tips to get your VAT refunds quickly and easily from SARS
Use eFiling, as your VAT return is captured straight away.
  1. If you submit manual returns, SARS can take up to 14 working days to capture them, and this can seriously delay the process. 
  2. Instead of waiting until the 25th of the month to file your VAT refund claim, do it as soon as possible, after the end of your tax period. 
  3. Whatever you do, DON'T make any mistakes on the return.

If you do, SARS will delay your refund. You'll also have many troubles while trying to correct the mistakes.

Something as little as putting a zero in the wrong place on the new Vat Return could trigger your next SARS audit!

The Practical VAT Handbook shows you how to make sure this never happens to you by getting your VAT Return right every single time.

P.S. Get all of this right and you can make SARS pay you back within 21 days. If they don't here's how you can get them to, and still charge them interest on your late refund.

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