Requirements to a Valid Tax Invoice. Tax invoices must comply with the following requirements if they are for a value greater than R5 0. Debt and credit notes relating to the primary invoice also have to comply with these requirements First 3 items on the checklist. The words Tax Invoice2. The name, address and Vat number of the supplier the Vat number will be a 1. The name and address of the purchaser. Did you know any of this regarding invoicesIn future, if you are not sure, check in the Practical Vat Loose Leaf immediately The Practical Vat Loose Leaf is a practical loose leaf Loose Leaf that covers all aspects of vat law, but written in an easy to understand language. I dont want you to miss out on the remaining 5 items that appear on the checklist, so please read further. Vat return rule 1 The Vat 201 form is a legally binding document. When you sign the Vat 201 form, youre telling SARS that whatevers on the form is 100 true and. Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Easily share your publications and get. Stepbystep Guide for Completion of the ValueAdded Tax Vendor Declaration 1. INTRODUCTION Since 2007, the South African Revenue Service SARS has been. Valueadded tax VAT was introduced in South Africa on 29th September 1991 to replace GST General Sales Tax as an indirect system of taxation. A serial number of the invoice5. The date6. A description and quantity of the goods bought7. The amount paid for the goods bought8. The amount of Vat, or a statement that Vat is included in the price and the rate at which it was charged i. For more top tips and practical advice on Tax invoices, check the Practical Vat Loose Leaf  immediately Best of all, start your Practical Vat Loose Leaf Service subscription now and if youre not happy, simply return it within 3. The Practical Vat Loose Leaf Service. Were you supposed to get a Vat refund but never received itHas 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 foreverHave 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 havent received their refund, or, who have received it but only after waiting for ages Important Did you know that SARSmust refund you within 2. You didntWell, 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 trueWhat keeps 93 of South African accountants awake at night Yes Invoices Do these 5 situations concern you too 1. You are issuing an invoice. Aurthor Hugo Van Zyl Cross Border Tax and Exchange Control Specialist The first and very important note to make, in dealing with South African tax issues tax year. Vat201 Form South Africa' title='Vat201 Form South Africa' />Scroll down and read more Tip Think Vat doesnt apply to your payroll Youre wrong Avoid this common error and keep SARS away from your door at audit timeA 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 carsTip 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. 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 will have to  account to SARS for output tax on the payout. Dont be fooled make sure you get your refundwhen its due to you. Dear ReaderWe are experiencing more and more Vat vendors whose Vat refunds are not being refunded to themQueries to SARS inevitably end up in vague answers with no help being offeredVat 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 2. That is 2. 1 business days, with or without an audit from them If they dont, they must pay you interestBut, 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. And then never hear anything about your refund again. What do you do. Let me tell youYou dont need to forgo your refund because you dont want to rock the boat. You can rely on our experts and take advantage of their experience with SARS Learn how to stand up for your rightsThe Practical Vat Loose Leaf Service will give you that. 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 youYou dont need to rely on your Vat specialist any longer. You can have all the answers at your fingertips just order the Practical Vat Loose Leaf Service and receive a 3. DAY Money Back Guarantee You will see just how practical and beneficial this Loose Leaf is. Peter Franck. Editor in Chief Practical Vat Loose Leaf. P. S. When you order your Practical Vat Loose Leaf youll receive your free booklet 1. Steps to a Successful Vat Review. We answer all of your Vat questions about invoices in the Practical Vat Loose Leaf. Start your subscription now and if youre not happy, simply return it within 9. Are there any inaccuracies in your tax invoices You could be liable for penalties, interest and even prosecutionAre you sure that the tax invoices you receive are issued properly Are all the SARS requirements on the tax invoice Have you ever thought about itWhat if something is omitted from a tax invoice on which youve already claimed input taxAnyone who has ever experienced a SARS Vat audit will tell you the first thing the auditors check are your tax invoicesDo you know what to pay particular attention toEven if it wasnt necessarily you who made the mistake, you could be held liable. If SARS auditors find errors, you could be assessed and liable for penalties and interest. You may even be prosecuted. Garmin Topo Canada 4.00 Programs. Errors in Vat invoices could cost you a fortune or even result in your company going bankrupt. Its too late to have doubts when the SARS auditors visit your office. What errors must not be made If you are not sure, check in the Practical Vat Loose Leaf immediatelyOrder it now and if youre not happy, simply return it within 9. Tip Dont underestimate the importance of retaining all your tax invoices. Your tax invoice is the equivalent of the IRP 5 for your income tax if you want to claim an input tax credit, you need a tax invoice. Furthermore, you must keep your records for five years What keeps 9. South African accountants awake at night Yes Invoices Do these 5 situations concern you too1. You are issuing an invoice. You must pay Vat but youre not sure whether or not your client is going to pay the invoice Do you have to pay the Vat with your own moneyMaybe you would like to find out how to avoid paying Vat for invoices until theyve been paid by your clients and how to comply with the Vat regulations at the same time2. Your client says the invoice he received from you has errors, so hes not going to pay it until you have issued a correct invoice. Do you know how to argue in order to persuade him that he is not right3. The tax office called one of your invoices into question while auditing your client. What will you do when the tax office approaches you as an issuer and tries to make you responsible for that4. It turns out that your client has not declared Vat properly. Or even worse heshe turns out to be unreliable its a fictitious company, a tax cheater or simply a mail box company. Can you deduct Vat from this invoice How do you handle this if SARS comes calling5. An invoice has become a bone of contention non uniform regulations are the basic reason for this. Stanger weekly 1.