HD Accountants
Accountants and tax consultants
021 785 3306
Filing your VAT return is easy, we will need:
- Schedule of output VAT (VAT charged on sales) for the period - normally two months.
- Schedule of input VAT (VAT paid on purchases) for the period - normally two months.
- Schedule of capital purchases and the proof of payment - ensure it complies with the VAT act.
- Schedule of capital sales and proof thereof - ensure it complies with the VAT act.
- Your SARS login details, otherwise we can register you
- Please note: you must ensure that the invoices on sales and purchases comply with the VAT act; refer to the SARS website for further information.
What is VAT?
VAT is a tax levied on the supply of services and goods.
It is important is to remember that you are appointed as an agent on behalf of SARS to collect the VAT and pay the VAT over to SARS, so if a client pays money into your account the 15% VAT doesn't belong to you and you are not entitled to use it, so you need to be careful to keep that VAT separate as you will be required to pay the VAT over to SARS on your VAT return.