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Vat Audit

  • 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]
  • Five steps to complete your VAT201 return with ease, every time
  • It's almost time to file your VAT return form again. And it's important to approach your VAT return with care every time you complete it. You see, your VAT return in a legal document and has steep consequences for mistakes or misrepresentations you make. If SARS catches you out, they'll think you're trying to evade tax, and could give you a criminal record. But don't get bogged down with thi... ››› more
  • [15 November 2016]
  • Newsflash: SARS has three new ways to select you for a VAT audit
  • Until now, SARS used to audit your VAT on a risk assessment basis. So if they found a couple of car dealers were evading VAT, they'd flag all car dealers as a risk, and audit them. But now, the Tax Administration Act has given SARS three new ways to select you for an audit. Which means your chances of being selected for a VAT audit just tripled. Read on to find out what these new ways a... ››› more
  • [18 July 2016]
  • Know these 6 rules when it comes to input tax
  • It takes just one little mistake for SARS to deny your input tax claim and hit you hard with penalties, fines and interest. And with all the changes to the VAT Act, a mistake is easy to make if you're not fully aware. So follow these 6 general rules when it comes to input tax and avoid making any unnecessary mistakes. Rule#1:   The formula to follow when you work out your VAT liability... ››› more
  • [18 November 2015]
  • 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. Picture this... 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 y... ››› more
  • [08 July 2015]
  • SARS just pitched up at my doorstep for a Vat audit. Can they do that?
  • Your receptionist interrupts you in the middle of an important board meeting. She tells you SARS auditors are here for a Vat audit! The first thought that comes to mind is, 'can SARS just pitch up unannounced for a Vat audit?' This was the same question Tim asked us on the Accounting and Tax Club. He didn't know if he should fight the surprise SARS inspection but look guilty of being d... ››› more
  • [16 June 2015]
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