Make SARS Audits Easy
Everyone knows the adage, “all is fair in love and war.” We’d like to suggest a revision to, “All is fair in love, war, and your VAT audit” – at least, that’s what we’ve experienced as far as SARS is concerned”.
Why SARS Audits VAT Returns
Audits are stressful, time-consuming procedures, especially for busy, large-scale businesses with many VAT entities within the same umbrella company.
As unwanted as an audit or investigation can be, it’s clear to see that they’re a necessary evil that ensures all taxpayers are contributing consistently honestly and fairly.
Any vendor can be selected for verification or audit to ensure that they are properly administering tax according to the Tax Administration Act. Selection is made either randomly or based on risk or refund status.
How SARS Audits Returns
When you submit your VAT return, it is assessed against predetermined risk factors and parameters on SARS’ system. If specific thresholds are breached, the system flags the submission for review.
The first step is “verification”, whereby you are required to submit supporting schedules and or documents and records as evidence for the totals on your official submission. These documents will include (but are not limited to):
- Tax or VAT invoices
- Complete VAT reconciliation
- Detailed VAT input and output reports
Based on the findings of the verification, SARS may issue a Notification of Audit. An audit is an intrusive and extensive process that consists of an in-depth analysis of your financial and accounting records to ensure you comply with the provisions of tax legislation. Depending on how complex the matter is, the total volume of transactions that need to be reconciled, and your level of cooperation, the audit could take anything from 30 days to 12 months to be completed.
Remove the Headache from Your Audit
VATSolve provides all the intelligence, analytics, and logic to provide transparent and accurate VAT reconciliation and reporting. With current and historical data accessible with the click of a button, VAT analysis can be extracted, providing SARS compliant submissions quickly and easily.
VATSolve’s customizable, ERP-integrated modules provide many benefits for your business, including:
- 25 standard analytical data views that can be pre-determined by your company
- Unlimited customizable extracts, predefined pivots and checklists that monitor, track, and share the status of actionable items
- Secure, accessible reports that can be filtered according to date, expense line or transaction type, vendor, customer and/or VAT code (with additional VAT relevant details)
- Per-period general ledger transactions automatically balanced back to submitted VAT201s and trial balance
- Richer visibility of data during risk and compliance checks through tracked Goods Receipt / Invoice Receipt (GR/IR)
- Better management of VAT transactions across multiple entities of the business that have their own VAT departments but only a single VAT registration and VAT201 submission
With these and additional benefits, VATSolve offers large enterprises a complete VAT management solution that contributes to streamlined reporting and less-painstaking audit processes should your number come up at SARS.
Book a free demo to see a complete demonstration of how VATSolve can remove the headache from a SARS Audit.