If this happens, you'll have your whole business and life turned upside down, while SARS 'scratches' through everything.
Don't take that risk. Get all your ducks in a row from the start.
Here's what to remember when you complete your Vat return
#1: Request your form. Check on the top right hand side for the selection for the tax period and click on the request button.
#3: Commercial accommodation. Remember, if your income is only from commercial accommodation, you must fill in blocks 5-7 and NOT block 1.
#4: Input tax calculations. Remember to fill in the blocks correctly.
#5: Imports. Check that imports are in the right place and that your customs importer code is filled in on page 1.
#7: Claim your refund. If your return is an amount refundable to you, just click submit and SARS will do the rest.
'Print out a copy of the return submitted and keep it together with your Vat calculations, for each period. This will surely save you any hassle later on should SARS come knocking on your door to do an audit,' advises Philip Rosenberg Managing Editor of VAT201 E-report: The comprehensive guide to completing your Vat return correctly.
Well there you have it. Remembering these seven things when you complete your Vat return will help ensure you always get it right.
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