Vat Matters - 3 Major Vat changes that happened in 2011 -
do you know them all?

Dear Reader,

As we fast approach the end of 2011, I thought it would be nice to provide a few snippets on what has happened in the Vat world this year  to refresh your memory before everyone heads to the beach for the holidays!

***Are your employees driving you crazy with questions about their leave, the office year-end party and their bonuses?***

Well, FSP Business and HR expert, Desrae Connold is hosting a FREE webinar that will look at the challenges every business faces over the Festive Season.

By logging in, you’ll learn:

·         What to do if you want to shut down for a longer period than the normal shut down period?

·         What to do if you don’t want to host a year-end party?

·         How to deal with misbehavior at the party?

·         What to do if your company can’t afford bonuses this year?

·         What process to follow to change the bonus?

·         And many more…

Date: 6 December 2011

Time: 14:00

Get the answers to all your questions by registering here.

****

The Dynamic Vat Return

The first major changes in Vat this year were the Vat return and the payment methods. SARS changed the look of the VAT201, calling it the “Dynamic VAT Return” and has been encouraging all vendors to register for e-Filing. 

In fact, it now appears you won’t receive a payment reference if you haven’t e-Filed your returns!  SARS also discontinued Vat payments made by debit orders –effectively forcing those vendors to e-File their returns. Our Practical Vat Loose Leaf chapter V06 gives you all the details!

The low-down on the Refund Dashboard

Then, during October, SARS slipped a letter onto its website, called the "Refund Dashboard". This aims to assist vendors to find out what happened to their refunds, why they haven’t been paid and what you, as a vendor, should do. I’m busy working on a brand new chapter for our subscribers covering every angle of the Refund Dashboard. Expect this in the post early 2012.

Vat registration nightmares

And then, the changes to the Vat registration process…  I dealt with this in a previous e-letter but to summarise, let’s just say it has become a frustrating, high impossibility, to obtain a new Vat number these days. (Unless you know someone at SARS, I hear other vendors say). This is a little pet project of mine, and I am determined, in 2012, to get some written guidance out of SARS so I can assist you all.

In with the NEW...

The old VATNEWS has been upgraded and uploaded on the SARS website, and is now called ‘VAT Connect”.  In the first issue, which came out in August, there was not only Vat news but also Income Tax info on the completion of returns!  Goodness…  You sure can’t say that SARS Vat staff aren’t concerned about their fellow taxers, um, taxes!

What’s hot this week

Let’s look at what kept the finance team busy this week...

Monday 28 November - 3 burning Companies Act questions answered

1.    When Company A is a shareholder in Company B, do you count Company A as one shareholder or do you count all Company A’s shareholders as shareholders in Company B for the purposes of calculating the Public Interest Score (see Chapter C03 of the Practical Accountancy Loose Leaf)?

2.    Do you have to perform a solvency and liquidity test EVERY time you assist a company director or related entity financially?

3.    Can two partners in the same firm prepare the financial statements and prepare the audit?

Get the answers here... 

Wednesday 30 November -Calculate your pre-retirement lump sum withdrawals in 8 steps

Step # 1: Take the current lump sum received on resignation/withdrawal

Start with all the lump sum benefits received on resignation/withdrawal from the different funds during the current tax year.

To read more on steps #2 - 8, click here...

Thursday 1 December - Only 24 Hours left to save 50% on a selection of our best business products

But now, it’s that time to let go of matters taxing me, for a while.  I wish you all love, joy and peace over Christmas and in the New Year!

‘Til next year.

Dee Bezuidenhout

P.S. Just released: How to compile your own Proatia Manual in 20 minutes Want to know what needs to be in this manual? Follow this link to find out.