The worst part about being VAT registered is that returns have to be submitted (usually) every two months and there are penalties and interest for late submission.
This also means that the books have to be kept bang up to date and that means we need the information (mostly in the form of bank statements) right on time.
You can’t afford to make use of cheap under-qualified freelance bookkeepers, because when your company tax return is submitted, SARS’ computer compares the VAT returns with the financial information and if there’s a discrepancy BAM! It’s called an IT14 SD. SD stands for supporting documentation, but that’s not all they want. They’ll want a full reconciliation of taxable income, VAT and PAYE and if they don’t reconcile you’re in big trouble.
We’ve been in the business since 1971, so with us, you’re in safe hands as long as the information that you give us is true and correct.