- 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]
- 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]
- 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]
- Can't afford to pay SARS? Then follow these 6 steps
- There may come a time when your business doesn't have money to pay their VAT liabilities. And if this is case, don't ignore it!
You still have to submit VAT returns, otherwise you'll face penalties, interest and jail time.
So then, if you see on your VAT return that you must pay SARS, but you simply cannot afford to, then
you should follow these 6 steps, as recommended by SARS: Step#1: Don... ››› more
- [26 November 2015]
- Seven important points to check before submitting your SARS Vat return
- The best way to adhere to SARS' Vat return requirements is to hear it from SARS themselves. They have strict deadlines on how to submit your Vat return.
Before you submit your return, there are seven important points you must check.
How to submit your Vat return to SARS
You have are three channels to choose from:
-E-filing: File and pay your Vat online.... ››› more
- [03 July 2015]
- Three things SARS asks you to do in its Review of VAT201 Declaration letter. Don't ignore them!
- Before we give you with the requests included in the review of VAT201 Declaration letter, keep in mind that SARS sends this letter after selecting a person for inspection, verification or audit, so it can properly administer any Tax Act (Section 40 of the Tax Administration Act).
If you receive a review letter from SARS, never ignore it. If you do, SARS will disallow all your input tax and asse... ››› more
- [11 May 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]
- Follow these six Vat return tips to ensure you're always on SARS' good side
- It's important to be efficient, quick and smart when you find yourself in a complicated situation with SARS.
And that's why today we're sharing not one, but six solutions that will help you stay on SARS' good side when it comes to your Vat returns.
Here are the six tips you should follow if you want everything to be in order when it comes to your relationship with SARS
1. Make sure your ... ››› more
- [19 March 2015]
- Breaking news: You'll have to re-register with SARS when the new Customs Act comes into effect
- In order to be in line with SARS Customs Modernisation Programme, SARS is aiming to implement the Customs Control and Duty Acts in July 2015.
This means that once the Acts take effect, all importers and exporters will only have 30 days to re-register with SARS. Here's what you need to know about this important change...
Here's how the new Customs Act will affect your business
First and fo... ››› more
- [17 March 2015]
- Use these three tips to get your refund quickly and easily from SARS
- You've started working out your Vat return and you can see SARS is probably going to give you a Vat refund.
You're now excited because you know getting a Vat refund means you'll have some extra money coming your way to boost your company's cash flow.
So how can you make sure SARS gives you your refund quickly?
Use these three tips...
Three tips to get your Vat refunds quickly and e... ››› more
- [13 January 2015]