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If you want to get your Vat refund quickly and easily, use this checklist

by , 12 August 2014
When your input tax exceeds your output tax, a Vat refund is due to you.

This means you'll have some money coming your way to boost your company's cash flow.

But the big question is: How can you make sure your money comes to you as soon as possible?

We recommend you use the checklist below to get your Vat refund quickly and easily so you can ease your financial burdens.


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Use this checklist to get your Vat refund quickly and easily
 

Experts behind the Practical Vat Loose Leaf Service give you an effective checklist that'll help you get your Vat refund quickly and easily:

#1: Use eFiling. This way, SARS will capture your Vat return immediately

Note: SARS takes up to 14 days to capture manual returns and this will delay your refund.

#2: Don't wait until the 25th. File your Vat refund claim as soon as you can after the end of your tax period.

#3: Don't make any mistakes on your return. If you do, SARS will send it back to you and delay your refund.

#4: Make sure you don't have outstanding Vat returns. SARS won't make a refund if any returns are outstanding.

#5: Make sure SARS has your correct postal address and correct banking details. If not, any notification or query won't reach you, nor will your refund.

If SARS doesn't have your correct bank details, your refund will bounce and sit with them until you give them proof of your correct banking details.

#6: Be prepared for a query or audit. Have the ten biggest tax invoices ready and check that they're valid so they pass SARS's scrutiny.

#7: SARS must pay your refund within 21 business days of lodging your return. If it doesn't, follow up with your local SARS office.

There you have it: Using this checklist will help ensure you get your Vat refund quickly and easily.

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