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Vat Penalties

  • 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]
  • Do I have any recourse if SARS slaps me with penalties, interest and additional tax?
  • If SARS believes you intentionally under declared your output tax or over claimed your input tax, they will slap you with a hefty additional tax penalty of up to 200% of the tax. So on top of the normal VAT of 14%, you'll now also need to pay additional VAT of up to 28%, plus a 10% penalty and interest. You could even be prosecuted in court and can go to jail. But is there a way out of th... ››› more
  • [12 December 2016]
  • 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]
  • Can you really trust SARS to dictate what input tax YOU can't claim?
  • I just came across a case where SARS raised an assessment on a motor dealership in Pretoria. And SARS' rationale for the assessment - it says 'many motor dealers make errors'. So it decided to carry out extensive audits on all motor dealers, and it found one to pick on - Pretoria East Motors. So SARS reversed several of Pretoria East Motor's input tax claims including claims on all their second... ››› more
  • [03 March 2015]
  • Made a mistake on your Vat refund? You'll face these two consequences
  • Vat refunds are a huge advantage for Vat vendors. They you give your company extra cash flow to help you run your day-to-day business. But if you make a mistake when you claim your Vat refund, you'll face exactly the opposite. SARS has strict rules about claiming Vat refunds and it won't hesitate to slap you with penalties for your error. In fact, there are two serious consequences of ma... ››› more
  • [27 October 2014]
  • Follow this process if SARS levies Vat penalties against you
  • Are you one of the many Vat vendors who think the only option they have is to sit back and grin and bear it when SARS levies Vat penalties? If so, nothing could be further from the truth. You don't have to sit back when SARS slaps you with Vat penalties. Instead, follow this process... Here's a process you can follow if you get hefty Vat penalties from SARS If SARS levies Vat penalt... ››› more
  • [02 September 2014]
  • Two things you can do to avoid Vat penalties
  • Facing Vat penalties is every business owner's nightmare. We don't blame you for being scared as Vat penalties mean you'll have to pay large sums of money to SARS and, what's worse is you could land in jail. The good news is you can put an end to this nightmare by doing the following two things -they'll help you avoid Vat penalties! *********** Recommended Product ************   Co... ››› more
  • [01 September 2014]
  • If you want to avoid Vat penalties, use these three tips
  • There's a high price to pay if you fail to comply with the Vat Act. Don't believe us? Well, if you don't comply with the Vat Act, there are four penalties you could face. They are: 1. Fixed-amount administrative/non-compliance penalties; 2. Percentage based penalty; 3. Understatement penalty; and 4. Criminal penalties. So not only could you find yourself bankrupt with all the money... ››› more
  • [25 August 2014]
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