It's important that you get your records in order and take note of the time frames you need to keep them for before SARS comes round for a visit.
In addition, you must know what's required of you when SARS wants to come to your premises to audit your records.
With a record audit at your premises, you'll need to know the following:
#1: A senior SARS official must notify you, at least 10 business days before they intend to turn up.
The Practical Vat Loose Leaf Service says the official must notify you about the following:
#2: The audit must be in connection with a tax act and only relevant material may be asked for;
#3: Only a SARS official can carry out audits. They must demonstrate their authority to do so by showing identification if asked.
#4: SARS may NOT enter your house or residence without your consent, unless it's a portion of a house used for trade
In terms of the Tax Administration Act (TAA), you're obliged to assist SARS with:
That's not all.
If SARS asks for access to your records, you'll need to provide evidence of your Vat compliance in the following four easy ways:
Four ways to provide evidence of your Vat compliance if SARS asks for access to your records
Well there you have it. Knowing what to do when SARS wants to audit your company records will help ensure you comply.
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