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Newsflash: SARS has three new ways to select you for a VAT audit

by , 18 July 2016
Newsflash: SARS has three new ways to select you for a VAT auditUntil now, SARS used to audit your VAT on a risk assessment basis.

So if they found a couple of car dealers were evading VAT, they'd flag all car dealers as a risk, and audit them.

But now, the Tax Administration Act has given SARS three new ways to select you for an audit. Which means your chances of being selected for a VAT audit just tripled.

Read on to find out what these new ways are and how to make sure you're prepared.

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Avoid these eight red-flags that could trigger your next VAT audit

Ex-SARS auditor reveals: eight red-flags SARS looks for when selecting who to audit…

Make sure you know what they are so you can avoid them...

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Three new ways SARS will select you for an audit

 
As per the recent change to section 41 of the Tax Administration Act, SARS can now also select you for an audit:
 
1.       By random selection;
2.       On a cyclical basis; or
3.       With an audit/verification.
 
Let's take a look at the most common way.
 
Random selection
Random selections are spot-checks. Here SARS will, for example, select every 10th taxpayer on the register from a random starting point.
 
So SARS doesn't actually have to have a valid reason to select you for an audit… You might just be that unlucky 10th taxpayer.
 
Unfortunately for you, this means you'll be in the dark about what the SARS audit team is looking for; sleepless nights worrying about when (not if) you'll receive an audit notice; that sinking feeling you get when dreading the arrival of the SARS' team; and the endless amount of time you'll have to spend with them going through your books with a fine tooth comb.
 
Your next VAT audit is imminent! Unfortunately, you can't do anything about that, but you can get prepared. Here's what you need…
 
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Be 100% confident you'll survive your next audit...

In How to Survive a SARS VAT Audit you'll discover:

Strategies to beat the VAT audit by understanding the five red-flags auditors look for when performing their VAT audits...

  • What to expect from a VAT audit so you never feel intimidated by a SARS' audit team again...
  • How SARS auditors assess your compliance. Knowing this will ensure you're no longer in the dark about what SARS is looking for. It'll also help get SARS out your business as quickly as possible...

And much more!

Imagine:

  • No more sleepless nights worrying about that audit notice you received...
  • No more feeling like you're in the dark about what the audit team is looking for...
  • And no more feeling intimidated when the dreaded audit team arrives!

How to Survive a SARS VAT Audit will help you be 100% confident you'll survive and conquer your next VAT audit.

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You've been selected for a VAT audit. Now what?

 
Step #1: Find out what SARS is auditing you for. Check the letter they send where they tell you they're coming for a VAT audit. In it there'll be reasons why SARS is coming to audit your company.
 
Step #2: Get your hands on the latest edition of the Practical VAT Loose Leaf Service and turn to section A05: Audits.

With your Practical VAT Loose Leaf Service, you can be fully prepared for any VAT audit.
 
You'll get instant access to info like:
 
  • Steps to prepare for a VAT Audit
  • What to expect from a VAT audit so you never feel intimidated by a SARS' audit team again
  • The only five items SARS is legally allowed to ask you for. Know what they are and don't give them anything else
  • Strategies to beat the VAT audit by understanding the eight red-flags auditors look for when doing their VAT audits
  • How SARS auditors assess your compliance - knowing this will ensure you're no longer in the dark about what SARS is looking for.
  • Search and seizure by SARS is now legal… even without a warrant. Here's what you need to know
  • The actual VAT audit process - step-by-step
  • And much more!

Get your hands a copy now…
 
P.S. Your chances for a VAT audit have just increased, make sure you're prepared to survive your next VAT audit with this one crucial resource. 


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