Are You Leaving Money on the Table?
VAT and tax compliance is a critical component to a well-run, profitable business. Not only do you need to make sure you pay your dues on time, but SARS boasts a complex, integrated system to comprehensively check your totals are correct.
Many of us, however, to ensure 100% compliance, play it safe by underclaiming VAT. Whether conscious or accidental, unfortunately this VAT leakage could mean recoverable amounts owed to you are not claimed, resulting in substantial amounts – amounts that could be allocated to other going concerns within your business – sitting in SARS coffers instead of yours.
Check If It Belongs to You
In essence, without comprehensive checks and balances in place when calculating your VAT amounts, you could, quite literally, be leaving money on the table. If this is the case, we recommend auditing your current processes to see whether you are claiming all the input VAT that is due to you.
We also recommend running health checks by performing the following reviews:
- VAT: ensure that your returns have been correctly submitted and are accompanied by the relevant documentation
- VAT Leakage: ensure that qualifying expenses are allocated to the correct input VAT categories
- Tax Compliance: ensure that your employee returns (e.g., income tax, PAYE, UIF) have been correctly submitted and the company’s provisional tax was correct and compliant
Be Assertive. Don’t Underclaim.
Developed specifically to deal with South African tax laws, VATSolve is a system that plugs into your existing SAP ERP. Designed to automate and consolidate VAT returns while remaining compliant with VAT regulations, VATSolve increases accuracy and productivity while improving cashflow and decreasing required manhours needed to reconcile VAT related queries from SARS.
Using VATSolve’s pre-defined pivots, Vendors and GL accounts can be displayed where you are not claiming VAT. At a glance, you can see all transactions which may be VATable, and use the option to drill down and investigate these queries.
With VATSolve’s VAT201, compliance, risk and reporting module you can automate your VAT processes that will be more accurate, calculating VAT claim totals quickly and easily. Why not become VAT SMART with VATSolve? Book a free demo to see a full demonstration of how VATSolve can streamline your VAT calculations and ensure you’re claiming exactly what you’re owed.