Keep your Vat records or face these four consequences!
There are consequences of not keeping your Vat records. Find out what they are here...
Every Vat record you own is crucially important, so make sure you are accurately filing them away. If you can't show proof of any Vat record that SARS needs, then there are serious consequences! Find out what they are…
Without this one Vat document, your business could lose out on R1.07 million!.Click here
The four consequences of not keeping your records
SARS will impose a fixed penalty on you (administrative non compliance penalty);
This amount is proportional to the amount of assessed loss;
The fixed amount will INCREASE monthly until you can fulfill SARS or remedy the situation; and
You'll be committing a criminal offence. If you are found guilty you'll have a fine or can go to jail for two years!
As you can see, keeping your records are very important. What is equally important is that your records reflect accurately.
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Three things to remember when you keep your records
They must be in their original form or in a manner authorised by SARS
Keep records for five years (hard copies and electronic copies); and
Keep records available and open for a SARS inspection
So remember these steps and you won't have a problem with your Vat records.
Until next time,
Managing Editor, Practical Vat Loose Leaf
Ps .Well now you know how important all you Vat records are, I am sure you will brush up on your filing. Want to know the 16 financial records you must keep in case of an audit? Then turn to chapter R04 of you Practical Vat Loose leaf.
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