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Vat Return

  • Use this legal loophole to claim VAT on your clients' gifts
  • You probably buy your clients gifts during the year. But just before you submit your VAT return and miss out on a potential VAT saving, you need to read this first! You're probably thinking... SARS sees gifts as entertainment and disallows input tax claims from the onset, right? Well... not quite... During the FSPBusiness VAT Masterclass, I found a secret loophole that's totally legal. And... ››› more
  • [09 February 2017]
  • How one fatal mistake by SARS saved AB Pty Ltd R32 million
  • If you under-declare your income, SARS will hit you with a laundry list of penalties, fines and interest. AB Pty Ltd got first-hand experience of this when SARS raised R69 million in penalties and interest! But, there was something SARS didn't do which made part of the penalty fall away. Let's look at this case and how AB Pty Ltd got away with some of the penalties SARS imposed. ************... ››› more
  • [31 January 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]
  • THIS is your best course of action when you can't pay SARS on time
  • As a Vat vendor, you have a duty to pay Vat on time. But, the reality is that the current economic situation is making it harder to comply with this legal duty. Don't even get us started on unforeseen disasters that strike at any moment and make it impossible to meet Vat deadlines. But, it's not all doom and gloom. You have options if you can't pay SARS. Read on to find out what to do... ››› more
  • [17 January 2017]
  • Three rules to complete your VAT return correctly and stay under SARS' radar
  • VAT is a 'self-assessment' system. This means you're required to work out if you should be paying money in to SARS, or if you should be getting money back from it. You do this calculation on a VAT return, called a VAT201 via eFiling at the end of your tax period. But because of numerous mistakes VAT vendors make, SARS checks the VAT returns from time to time by way of a VAT audit. And if any... ››› more
  • [22 December 2016]
  • 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]
  • 5 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
  • [17 May 2016]
  • Use these 10 tips to get your VAT refunds quickly and easily from SARS
  • When your input tax exceeds your output tax, you're due a VAT refund. And if this is the case for you, avoid any complications along the way and follow these 10 useful tips to get your VAT refunds quickly, and easily, from SARS: Tip#1: Use eFiling, as your return is captured straight away. If you submit manual returns, SARS can take up to 14 days to capture them, and this can seriously d... ››› more
  • [01 December 2015]
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