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Seven things you need to know about Vat refunds

by , 18 August 2014
It's no secret that most vendors don't like SARS because they feel it's always squeezing them out of their hard earned money.

If you're one of these vendors, you'll be glad to know there's a legal way to get some of your money back from SARS.

You see, when your input tax exceeds your output tax, SARS owes you a refund! This means you need to submit a Vat return to SARS so it can pay you back. This is great because with that extra cash you'll be able to boost your company's cash flow.

To help you get your Vat refund without any problems, you need to know these seven important things about them.

Seven must-know points about Vat refunds
 

#1: Here are the four rules you need to know about Vat refunds.

#2: If you want to get your Vat refund quickly and easily, use this checklist.

#3: This is what'll happen once you've submitted your Vat refund return.

#4: SARS uses this method to pay Vat refunds.

#5: SARS won't give you a Vat refund in these two instances.

#6: Three things on your Vat refund that'll get you in trouble with SARS.

#7: You'll face penalties if you claim Vat refunds incorrectly.

Well there you have it: In this tough economy, Vat refunds come in handy. Now that you know these important points about them, claim what's due to you when your input tax exceeds your output tax and boost your company's cash flow.

If you need more information on Vat refunds, check out the Practical Vat Loose Leaf Service and if you have any questions on the topic, ask our experts at the Accounting & Tax Club.
 



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