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![]() Step 1: Calculate your output tax, based on total sales at the standard rate Step 2: Calculate your output tax on capital goods sold Step 3: Transcribe the total zero-rated and exempt sales on the return in columns 2 and 3 Step 4: Transcribe the total amount received for accommodation exceeding 45 days, in column 5. Step 5: Multiply the total by 14 Step 6: Complete the sums for your output tax Step 7: Transcribe the amount of Vat paid for capital goods, in column 14 Step 8: Transcribe the total amount of Vat paid for all other goods supplied to you, in column 15 Step 9: Transcribe the total amount of bad debts written off Step 10: Determine the sum of input tax, based on these figures Step 11: Deduct the total input from the total output Step 12: Calculate any penalties and interest you owe SARS Step 13: Calculate the total amount you owe SARS. And make sure youre using the right Vat period, the right Vat numbers and the right Vat calculations. Vat return rule 2: If youre not using the NEW Vat201, your return will be rejected The Vat 201 form has undergone a surgical makeover. These include:. Field 2A: zero-rated supplies of all goods exported from SA. Field 14A: calculation of input tax applying to capital goods imported, and for which a valid release is held. Field 15A: calculation of input tax applying to non-capital goods imported, and for which a valid release is held. Customs Code: Your exporter imported code, which will allow SARS to link the information youve declared for customs to the info youve declared for Vat. This code is compulsory if you complete all these new fields. Since SARS switched to this new form in June, it expects that youre going to use it exclusively, to submit your Vat returns. Use the wrong form and your returns will be rejected and that means Vat fines Getting the new form isnt the hard part. Vat201 Form Full Story TIPHow much do you know about Vat Vat refunds do you know the secret of how to claim whats owed to you Were you supposed to get a Vat refund but you never received it Has SARS taken ages to refund you Any taxpayer will, at some stage in his lifetime, have heard someone say that when you must pay SARS, you must pay at once, but when they must pay you, it takes forever Have you experienced the truth in this statement by ever filing a Vat return that results in SARS owing you If so, you are one of many, many Vat vendors who either have not received their refund, or, who have received it but only after waiting for ages Important: Did you know that SARS must refund you within 21 business days Well, the Vat Act says so In addition, the law also says that if they dont do so, they must pay you interest on their late payment Sound too good to be true Turn to page 10 for the full story TIP: Think Vat doesnt apply to your payroll Youre wrong Avoid this common error and keep SARS away from your door at audit time A common mistake picked up by SARS auditors at on-site audits is that employers fail to pay over Vat on company car fringe benefits. This is one of the first areas the audit team will lock onto when they audit you, so make sure youre paying your output tax on company cars TIP: Claim back the input tax credit on your monthly short-term insurance premium Do you pay a monthly short-term insurance premium, for example to insure your premises or stock against theft, damage or fire This is a common business expense and forms part of the cost of running your business. So its reclaimable. Remember to claim your input tax credit on these monthly premiums, BUT if you ever get paid out on your policy, bear in mind that because youve claimed an input tax credit on your premiums, you must account to SARS for output tax on the payout. Dont be fooled make sure you get your refund when its due to you Dear Reader We are experiencing more and more Vat vendors whose Vat refunds are not being refunded to them Queries to SARS inevitably end up in vague answers with no help offered Vat is a self-assessment system, which means that you must calculate whether you are liable to pay to SARS or receive from SARS. Where you calculate that SARS must pay you back, did you know that by law, SARS is obliged to refund that money to you within 21 business days That is 21 business days, with or without an audit from them If they dont, they must pay you interest But, how often does SARS keep to this rule. You submit your return, make sure you and all your relevant documents are available in anticipation of that call from SARS. ![]() ![]() Its not your ordinary guide; its a service where you can always find up-to-date information, advice and tips. Top-class Vat specialists have put it all together for you You can have all the answers at your fingertips just order the Practical Vat Loose Leaf for a 14-day trial. Within this 14-day period you can use it as often as you like at the publishers cost.
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