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Your 10-point Vat refund plan

by , 20 August 2013
Is it time to submit your Vat return? Get it correct the first time around with the 10-point Vat refund plan. Read on to find out more...

Your 10-point Vat refund plan

Is it time to submit your Vat return? Don't find yourself in a horrible situation like one of our readers Tim. He submitted his Vat return two months ago and is still waiting for his refund from SARS.

Let's face it! No one likes to wait around for their money. The good news is that you don't have to end up in Tim's shoes. Get your Vat refund the first time around and avoid making the mistakes Tim did. Read on to find out how.

+++ If you weren't Vat audited this year– you're next on SARS' list +++

SARS audits every business every 5 years. And that means you could be next. But do you know how to prepare for your upcoming Vat audit? We have SARS insiders who do.

+++

What you need to do to ensure you get your refund

These are the steps you need to follow to ensure that Sars won't delay your refund.

  1. Use eFiling to capture your return quickly and easily. You can't submit returns manually anymore;
  2. Don't wait until the 30th – file your Vat refund claim soon after the end of your tax period;
  3. Make sure you have no outstanding Vat returns, otherwise SARS won't pay;
  4. Make sure your tax returns such as PAYE, UIF, SDL and Customs are up to date;
  5. Check that your banking details are correct;
  6. Check that your contact details are correct. (This includes your telephone number and email address);
  7. Always have your invoices and input and output tax calculations ready in case the standard SARS  query letter pops up in your inbox. Then you can immediately upload them on your e-filing;
  8. Make sure you have accounted for all your business's output tax in the relevant tax period;
  9. Check the figures on your input and output tax schedules and ensure they are correct; and
  10. If you don't receive your refund within 21 business days of submitting your return, then follow up with your local SARS office. Alternatively, you can access the 'refund dashboard' on your eFilling profile.

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Find out the seven easy steps to complete your Vat201 return with our Vat 201 e-report. Click here to order yours today!
+++

Now that you've got the steps to quickly get your vat refunds, maybe you can share this with your colleagues.




Lenell Hattingh
Managing Editor, Practical Vat Loose Leaf

Ps . Has your Vat registration been rejected by SARS? The process of re -registration can become a nightmare. Get the Practical Vat Loose Leaf Service to find out how to solve this problem.



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