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Why does SARS audit Vat?

by , 13 August 2014
It's no secret that most Vat vendors fear Vat audits.

Most of the fear comes from the fact that they don't know what to expect and some of the fear stems from the fact that these vendors don't know why SARS audits Vat.

The good news is today we'll banish your fears when it comes to Vat audits. Once you know why SARS conducts Vat audits, you'll have no reason to fear this process and you'll ensure all your Vat affairs are in order.


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Here's why SARS audits Vat
 

Vat is a self-assessment system.

When you complete your Vat returns, you calculate whether you have to pay in or get a refund. Because you assess yourself, SARS must check vendor honesty and so it carries out audits!

It's that simple. There's nothing sinister.

The fact that Vat is a self-assessment system creates countless opportunities for mistakes to be made. So if SARS believes something on your Vat returns isn't right, you could face a Vat audit! SARS can also randomly select your company for an audit just to check if everything is in order.

The important thing to note about Vat audits is you'll have your whole business and life turned upside down while SARS 'scratches' through everything.

Our advice is: Because you can never be sure when SARS will come knocking at your door, always make sure your documents are at hand and your books are in order. That way, you need never fear the arrival of SARS!

There you have it. We hope knowing why SARS audits Vat will take the fear out of Vat audits. If you need more information on Vat audits, be sure to check out the Practical Vat Loose Leaf Service. It'll give you the steps you must take to prepare for an audit, the documents you must keep and how to minimise your chances of an audit and so much more.
 



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