You may or may not know the impact that vat returns have on your business. Whether your knowledge is practically non-existent or very impressive, you must know that as a business owner or manager, you have a responsibility to pay and recover VAT according to the regulations of SARS. But how do you make this knowledge work for you and your business?
Well, when it comes to VAT, or value-added tax, there is a need to understand the laws that govern your country. In South Africa, these are very specific and failing to comply with every letter of these laws can be very detrimental to your business and in turn, to you as an individual. Every year when tax returns go to SARS, value-added tax must be calculated, but more often than not, there are errors in these calculations, and this is not beneficial to any business. In fact, for the most part, the presence of errors in these numbers have resulted in substantial losses for business, in some cases of millions every year. One of the most prominent problems in this is that bookkeepers and accountants are not trained correctly on how to deal with VAT.
Also, when checks are done, these errors are not spotted and thus are not resolved, and as a result, operating expenses take a serious financial knock. Any VAT that is not claimed during a tax cycle is written off as an expense, and this can have a big impact on any business.
At this point, you may be wondering why SARS does not notify a company when their VAT South Africa calculations are incorrect. While the why cannot be answered, the problems that this causes can be dealt with. But who wants to deal with what is already a problem. Being able to calculate VAT correctly and reap the benefits this has for your company is vital to any business operating today. That is why there is often a need to bring in an external stakeholder or company that can deal with your VAT returns for you, and ensure that you have the time and the presence of mind to focus on what your business needs, rather than on the smaller details. Ensure that you employ the services of a company that knows its way around VAT, and can employ this knowledge to the benefit of your company, and ultimately, to the benefit of your bottom line.
We have the skills and the expertise to ensure that your business’ VAT needs are met, with our range of highly qualified professionals who understand VAT and VAT law. While any accountant or tax specialist can claim to know the ins and outs of VAT and how this affects a business, we not only make the claim, but back it up with our excellent knowledge and services. We have the expertise to understand that not every company’s VAT needs are the same and can perform an analysis that allows us to determine what your specific needs are.
We divide our skills into a variety of segments that allow us to provide the best services to our clients. We have preventative services that stop any problems in their tracks and ensure that your VAT returns are done correctly the first time. This means that you will no longer need to worry about your VAT being written off as an expense and costing your business in the long term.
One of the segments we specialise in also include VAT recouping and this means that we take an in-depth and analytical look at what your business has done in terms of VAT in the past. If there are discrepancies that need to be addressed and money that is owed to your business, we have the skills to be able to rectify those mistakes and ensure that the money your business is owed comes back into the business.
In essence, the service we provide is bigger than just the administration regarding VAT and how this can work for your business. It is also about being able to identify where the weaknesses are in terms of the VAT structure of your business and how this is administered and filed. We have the skills and the expertise on board to be able to do this for you, and for a business this could mean the difference between surviving and thriving. Not only do we have the skills to provide you with help, but we can also help you identify the VAT needs of your business, so that you never have to worry about whether you are flushing money away.
When you need the help of experts in the field of VAT, and you want to get the most for your money, both in terms of the way you pay your suppliers and are paid, ensure that you put your business into hands you can trust, the hands of experts who not only claim to know what they are doing, but can really prove they have the skills to take your business from strength to strength in terms of the money you pay and are paid.