- Ex - VAT auditor spills the beans on how you might trigger your own unnecessary VAT audit
- 'Dear Vongai, we've been audited by SARS for four tax periods in a row. What is the problem?'
You could unnecessarily trigger your own VAT audit
Avoid this one red flag SARS looks out for
Have a look at this letter I received from Lucia, one of our Practical VAT Handbook Subscribers.
'We've been audited by SARS for four tax periods in a row. That's every tax... ››› more
- [05 June 2017]
- Caution: Construction and manufacturing companies! You'll fail your health and safety audit if your employees answer no to these 8 questions
- As you know, there are a whole host of questions you and your employees must answer to see if you're complying with the OHS Act.
If you don't know the right questions to be asking your employees, you can't measure your compliance and you'll fail your audit. Now, this sounds all very well and legit.
I love the legalese we use. 'Measure your compliance'… 'fail your audit'. We hear terms like... ››› more
- [16 March 2017]
- SARS Audits: Know your rights
- Is there anything worse than the moment when you open that letter from SARS, 'kindly advising you' they're arriving next week to audit your business?
Don't panic! There are set rules and procedures that the SARS auditors MUST follow, to protect your rights even while it audits your business. Here are nine things you should know and put into practice now.
Statistics show: Your... ››› more
- [22 February 2017]
- Six Important lessons to keep you out of the SARS 'dog box'!
- Don't change your game plan when you're in the losing corner against SARS, it won't get you out of trouble.
Here's a case that has six important lessons all tax payers can learn from - and even though the case is from 2007/8, the lessons are still relevant today! The facts of the case
The taxpayer treated the sale of sand extract from his farm as capital in nature rather than revenue. When... ››› more
- [15 February 2017]
- Facing a Vat audit? Make sure you have these ten financial records at hand...
- Nothing causes more panic in a business owner than receiving notice from SARS that your business faces a Vat audit. But most of the panic comes from uncertainty of what to expect. You may not even have done anything wrong, so don't worry. Your Vat audit may have been triggered simply because your accountant entered a zero in the wrong spot on your Vat return.
In the mean time, here are ten fin... ››› more
- [24 January 2017]
- The one document that will protect you from a SARS field audit
- A notification from SARS lands in your inbox. You're being audited. And not just any audit. A field audit...
So what now?
Well, ordinarily, you'd have to stop everything you're doing and prepare for your audit.
Look for documents, pull your finance team away from their busy workload, just to make sure you have everything ready for SARS when they pitch up at your door.
But wait... You d... ››› more
- [19 January 2017]
- Ask these questions to gather evidence in your health and safety audit
- One of the first steps in your health and safety audit process is gathering all the information you need to assess your system. There are two ways to start this process... 1) Asking your employees questions around following your health and safety processes.
2) Asking your managers the processes they follow to ensure they're following the right health and safety procedures.
Here are four questi... ››› more
- [12 January 2017]
- Six factors to consider when preparing your health and safety audit schedule
- You know you need to conduct health and safety audits regularly. They help you identify the key problems in your Health and Safety System, check you're compliant and helps you prevent problems before they happen.
Before you start your audit, you need to draft a schedule to plan how you're going to approach your audit.
Attention! Heal... ››› more
- [04 January 2017]
- Avoid these seven tax traps when you prepare for a tax audit
- As FastJet airline can tell you, a tax audit is no joke. The amount of tax FastJet has to pay Tanzanian authorities almost doubled when interest and fines were added to the outstanding taxes. .
Here in South Africa, it's no longer a question of whether or not a business will be subject to an on-site tax audit; it's a matter of when.
If your business is facing a tax audit, there are seven '... ››› more
- [03 January 2017]