- Ask SARS to suspend your payment in two simple steps
- When it comes to a VAT dispute with SARS, do you know when you should pay, or if you should pay the disputed taxes at all?
You need to get this right, or you'll incur unnecessary penalties.
You can ask SARS to suspend your payment, with a payment suspension request. Let's look at an example. Example
Furniture Friend gets a VAT assessment for R84 000, including penalties and interest f... ››› more
- [01 May 2017]
- How to calculate the fringe benefits of VAT on company cars
- One of the most common fringe benefits encountered on modern payrolls is the right to use a company car
Where an employee has the right to use a company car, you must calculate the VAT on the fringe benefit as follows:
Where the vehicle is a motor car (not a bus or kombi) and the input tax was specifically denied, the calculation is as follows:
0.3% x the determined va... ››› more
- [15 February 2017]
- How to stay on SARS' good side if you're forced to make a late Vat payment
- It's good business practice to save yourself time and avoid unnecessary fines and penalties by making your Vat payments correctly and on time. But what happens if your payment is late due to unforeseen circumstances? Read on to discover what your company can do to stay on SARS's good side even with a late payment.
It's your responsibility to ensure SARS receives your company's Vat payments corr... ››› more
- [29 December 2016]
- THIS is the ONLY time SARS will agree to reduce a penalty for a late VAT payment
- If you didn't make your last VAT payment on time, there's some good news.
The VAT Act (Section 39) allows SARS to remit or reduce penalties for late payments.
But, you'll only get a reduction in penalties if you meet this ONE requirement! Read on to discover what it is...
SARS will reduce penalties for late VAT payments under this one condition
The Practical VAT Loose Leaf Service says... ››› more
- [05 August 2016]
- Three guidelines if you can't pay SARS your VAT liabilities on time
- Your business now finds itself in an unavoidable position where it can't pay SARS its VAT liabilities on time.
This is a big deal because you're still liable! And you'll be facing serious penalties along with interest.
So instead of just leaving it, follow these three guidelines if ever you can't pay your VAT liabilities on time...
Has SARS taken ages to re... ››› more
- [16 May 2016]
- What happens with outstanding payments on your assessed taxes?
- Have you ever been in this situation? You submit your Vat return, and a few months later SARS assesses you. It says you claimed deductions you weren't entitled to! So because SARS says you now owe it money, you object to the assessment.
While the tax dispute is still under way, a SARS call centre agent calls you asking for the payment on the assessed taxes.
What do you do? Do you pay it no... ››› more
- [16 September 2015]
- Vat issues with SARS? Here's how you can solve them
- Do you diligently pay your Vat each month? But you've still been flagged for a Vat audit?
Here are several things you can do to make sure you comply with the rules set by SARS, and avoid being flagged for a vat audit:
1. Check your Vat returns and make sure they are updated.
In case you don't want to spend your business' capital paying fines to SARS, comply with the regulations and keep ... ››› more
- [07 May 2015]
- Make sure SARS hasn't lost your Vat payments! Here are six ways to check
- You know what it's like. You apply for tax clearance and suddenly SARS says you haven't paid your Vat for October 1992!
How do you fix it fast so you can get your tax clearance certificate?
Let's have a look at the six main functions introduced and how it will help you to get a grip on your Vat payments.
To access the new functionality you must be a registered e-Filer. Not registered for... ››› more
- [28 April 2015]
- You've completed your Vat return but can't afford to pay SARS... Now what?
- It's that time of the month again where you have to make your Vat payment to SARS.
You complete your Vat return as usual, but to your surprise, you realise the amount is huge and you can't afford to pay it over.
Naturally, you panic. You know it's a legal requirement to pay Vat and you could land up in jail if you don't.
Before anxiety overwhelms you, take a deep breath. There's a way to ... ››› more
- [15 January 2015]
- Do you know the consequences of late Vat payments
- It's your responsibility to make sure SARS receives your Vat payments correctly and on time.
You can make your payments by using any of these payment options: eFiling, Electronic Funds Transfer (EFT) through Internet banking and by making a Bank Deposit.
While SARS has made these payment options available, Vat vendors continue to make late Vat payments.
As a result, they face certain cons... ››› more
- [09 September 2014]