You just gave SARS permission to grab money out of your business bank account...
I'm sure you submit your Vat return at the end of your tax period via eFiling.
You hit send.
And immediately get a "Dear Vendor" letter from SARS in your Inbox. It's that dreaded SARS Vat pop-up letter!
SARS tell you your VAT201 declaration has been identified for verification. It wants you to review your VAT201 and submit corrections.
Out of fear, you upload all your documents, oblivious, and hoping you'll be in the clear. Or worse, you ignore it completely.
You've just given SARS permission to grab money from your business bank account!
Can SARS simply help itself to your hard-earned cash? How do you stop it? What are your rights?
Unfortunately, the simple truth is yes!
I get as many as five questions a day on our Accounting and Tax club site and numerous complaints at the Vat Masterclass from unsuspecting Vat vendors like you about this dreaded SARS letter!
Most people complain that they submit all the documents SARS requests.
But then SARS:
Ignores you and reverses your input tax deductions;
Assesses you with 200% penalties and interest;
Grabs the money they say you owe, out of your bank account; and
Sends you the same letter again the following tax period giving you a huge bill when you go for a tax clearance certificate!
Don't just upload your documents in response to that letter. Or you'll give SARS unnecessary reason to reverse your input tax deductions and help itself to your hard earned money. After all SARS has targets it needs to meet!
But there's hope. After listening to all your comments, I know you're sick of this letter! So, I'm taking on SARS and offering you, the only tool with answers to this nightmare letter. Read on to find out more.
Zero-rated goods? You need to be prepared for SARS' microscope
You must keep all documentary proof when you buy or sell zero-rated supplies. The Vat Act says you must be able to prove to SARS that you were entitled to do so.
SARS will come with it's microscope and interrogate you. If you don't have the right documents, or you don't have all your documents in order, SARS will see the zero-rated invoice as a standard-rated one.
And demand the 14% Vat from you and will charge you additional penalties and interest!
Here's your solution to that dreaded SARS Vat pop-up letter:
My report includes:
Dissecting the SARS letter – paragraph by paragraph;
What your actions should be;
Items to consider - uploading documents versus giving hard copies to SARS;
What SARS can and can't do; and
How to make sure SARS refunds you within 21 days.
For instance, do you know SARS must give you a letter with reasons before it assess you?
But does it?
Mostly… no. It doesn't comply with the tax administration law.
So in my report, I'm going to tell you what you can do - when SARS does what it shouldn't. I'll give you:
Quotes from the Vat and Tax Administration laws you can use against SARS;
Templates that are easy to use and modify;
Letter formats and info on how to fill in the forms correctly;
Info on the whole objection and appeal process and your options;
Tips on how to keep tabs on SARS during a review or audit;
An easy to follow organogram; and
Info to confidently face SARS at the ADR meeting!
If you don't want to donate another cent to SARS' coffers, simply follow this link and I'll give you instructions on how you can get your hands on That dreaded SARS Vat pop-up letter ANTIDOTE eReport.
Never be a victim of the SARS pop-up letter again. And never give it a reason to lower your bank balance!
P.S. I'll be dealing with this letter and the triggers you can set off at this years Vta Masterclass! Click here to book your seat in Johannesburg or Durban and never be a victim of SARS again.