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Understand the legal obligation of your Vat return or you might face a Vat audit

by , 22 October 2014
You have to submit Vat returns as a Vat vendor. This is how you get your input tax back and show SARS you've complied with its Vat laws.

But if your Vat return isn't up to scratch, your compliance might not matter.

That's why you need to understand the legal obligation of your Vat return. If you don't, it could trigger a SARS audit.

Read on to discover this legal standing and avoid a run in with SARS...


Here's what you need to know about the legal obligation of your Vat return

When you complete your return, you should approach it with full knowledge of the nature of what you're doing, and the consequences of errors or misrepresentations.
Returns are legal and binding documents that constitute a declaration you make to SARS. Failure to submit Vat returns and to pay the Vat due is a criminal offence. 
If you can't, for any reason, submit your return or pay the Vat due, you should make satisfactory arrangements with your SARS office before the due date.
Take the time to fill in your return carefully, as SARS calculates the Vat amount you owe automatically. The amount should be correct if you worked out your totals properly.
To ensure your Vat return meets SARS' legal standards, do these two things.
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Use this ten-step action plan to ensure you get your Vat refund from SARS on time, every time
Don't let SARS make you wait for your Vat refund.

Two things you must do to ensure your Vat return measures up to SARS' standards

1. Use your supporting documents, especially your tax invoices, to double check and verify the amounts you put on your Vat return. Do this carefully so you don't make any mistakes. 

2. Double check your calculations to ensure you didn't make any errors.
If you do these two things your Vat return should meet SARS' expectations every time. 
Check out the Vat201 e-report for everything you need to complete your Vat returns correctly.

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