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You should have a Vat control account!
Tax Bulletin | 18 June, 2009 | Hot Topics:
Dear fellow taxpayer,
It’s good practice to keep a Vat control account as part of your business accounting records. When you enter a transaction into your accounting system, transfer the Vat element to the Vat control account as well.
This is important because, if you can’t claim an input tax deduction on an item, it mustn’t appear on your Vat control account. Nor should you find those income items on which no Vat should be charged.
If any of these items are found in this account, SARS will adjust your Vat liability (or refund) for the period by raising an assessment for the difference. And with this assessment comes penalties and interest as well!
Until next time.
Regards
Peter Franck
Editor in Chief
The Practical Vat Handbook
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Editors note
Fulvia Stoltz
Tax Bulletin Editor
The Tax Bulletin is packed full of tax tips, commentary on changes to the tax landscape and is also an interactive tax forum which aims to help you efficiently manage your taxes and avoid all the traps. It is also a handy reminder of the deadlines which taxpayers have to meet.
