Vat remains one of the main areas SARS like to audit, as it is a main source of income and also a big risk area to SARS.
How sure are you that you will pass a Vat Audit from SARS? We are not talking about an audit where you are only asked for a few documents, but a detailed vat audit where the auditors look at your Vat affairs in great detail?
IfSARS audit one period and find problems, they will go back to previous periods to see whether similar errors occured in previous years. If you did not comply you may end up with a rather hefty Vat bill. This will include penalties and interest on the amounts you claimed in error or did not declare correctly.
Over the years we have looked at many Vat Returns and the vast majority of returns contained errors. Even returns done by practising accountants.
We can help.
We will look at any any one of your Vat Returns, highlight problem areas and write you a report of areas that need more attention.
By contacting us before you receive a Vat Audit from SARS you can significantly reduce your risk of penalties and interest as a result of non compliance.