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Vat return Inputs and Outputs?

Posted 17 May 2015 under Tax Q&A


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Joline Britz says:
12 May 2015 at 13:05

I am currently busy with my company's VAT return for March and April, but our invoicing is a lot more than our purchasing. It looks like we will have to pay about R180k, My question is : Can I hold back on some of our invoicing when submitting my return? Since we have 5 years to claim it?

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TaxTim TaxTim says:
12 May 2015 at 15:53

You cannot hold these back, invoices and therefore the VAT payable on them is to be submitted in the month following after your two month cycle. You merely act as agents and therefore charge the VAT on top of your already existing price and therefore in theory the money collected is just transferred across and really shouldn't affect your business operations if you have received it from your customers.


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started