SARS Vat reconciliations and audits can be a very difficult task to manage if you don’t know how all the parts fit together.
With over 10 years experience in dealing with SARS VAT reviews and reconciliations, we can help you with any refund submitted to SARS which will normally go into a review process.
VAT RECONCILIATIONS:
Although a VAT reconciliation is normally done at year end, monthly maintenance can never heart your business.
If you are a VAT vendor and need to submit a financial statement along with your income tax return, SARS may ask you to complete an IT14 SD. This is a supplementary disclosure form they require you to balance if there are differences in your submitted Income Tax return and your years’ VAT 201 submissions.
If SARS feels that your reasons for the differences are inadequate, they may either raise an additional Income Tax assessment for the difference or a an additional VAT liability, or both.
It is therefore vital to supply SARS with the correct details and reconciliation differences and reasons
VAT REVIEWS:
Every now and then a refund is due to you for a VAT 201 submission. SARS will in most cases place you in a review and request additional information.
You will need to supply them with the correct documentation and information relating to that submitted return. Your documentation should be valid VAT invoices along with the correct schedules to ensure they understand your claim. Failing to do so may result in SARS disallowing certain input VAT and in some extreme cases, disallow ALL input VAT.
Our review process has never failed as we know exactly what SARS will consider in your claim and supply them with the correct information and documentation. Our review process before anything gets submitted to SARS are comprehensive and will ensure a smooth refund process.
We also know that some bookkeepers sometimes fail to supply SARS with any supporting documentation resulting in SARS disallowing ALL input VAT resulting in a massive amount payable to SARS. Our experience in this field will help you make contact with SARS and get the matter resolved.
Never leave it too late as this will severely affect your cash flow in the event that your cannot raise an objection with SARS and will make the process of sorting it out costly and extremely difficult.
Get in touch if you want us to assist you with any of the above and supply you with our very successful process in tackling these issues.