The VAT 201 Calculation Report Introduction. The VAT 201 return is a declaration, which you need to make at the end of every tax period if you are a vendor, which reflects the VAT that you have charged on supplies, or for which you are liable to declare output tax, and the amounts that you believe you are entitled to deduct as input tax. All about the new VAT201 form. The vendor must use this number when making VAT payments to Sars. This will enable Sars to link the actual payment to the payment declared on the VAT201 form.
SARS no Longer Sending VAT Declaration Forms If you are waiting for SARS to send you your VAT return or to tell you that the form is available one-filing, keep waiting—it’s not going to arrive on its own. SARS introduced several changes to the value-added tax (VAT) vendor declaration form on 11 April 2011 in its bid to 'modernise”. In a letter to VAT vendors, it said that 'vendors need to note that from 11 April 2011, all VAT submissions are required to be on the new VAT 201 form,including any submissions for periods prior to March 2011”. What SARS’ VAT changes mean for businesses The most significant change says Colin Wolfsohn, the chair of the South African Institute of Chartered Accountants (SAICA) southern region tax committee, and a member of the SAICA national tax committee, is that SARS will no longer post VAT 201 forms—and even those who are e-filing are not going to be getting notices that the return is automatically there. The vendor will now have to request the return. SARS will also not accept returns printed from e-filing being submitted manually. To get manual returns, he says,you can phone SARS or go to your local SARS branch and request the form, and SARS will then post it to you.
Applying on e-filing is instantaneous.Other changes SARS has introduced, says Wolfsohn, include: •The format of the return; •A unique payment reference number (PRN), which will be pre-populated by SARS; •Extra information required, such as the demographics of the person completing the form,resulting in it taking more time to complete the return; and •The declarant's signature is now needed on the form. When submitting a return with your payment, the new cut off time for cheque payments is at 15h00 on the due date, the due date would be the 25th of the month; alternatively, if the 25th is a weekend or public holiday, then the last working day before that. Also, from 1 May 2011, the maximum amount of a cheque that SARS will accept for VAT payments is up to R100 000.If your turnover is more than R30 million per annum, or more than R2.5 million a month, you are obliged to e-file and pay electronically. Wolfsohn said that SAICA supports the move to e-filing, as it is faster, more efficient, returns don't get lost, and there is the added advantage that if you file one-filing, you get additional days to submit your returns and pay VAT i.e.
Until the last day of the month.If you are still clueless, SARS’ e-filing website has a step by step guide explaining how to complete the new VAT returns manually or by e-filing.The message that SAICA is trying to get out to vendors is the need to request your VAT returns early, and don't forget to do so to avoid penalties and interest for late submission. Who needs to fill in a VAT return? Anyone registered with SARS as a VAT vendor is required to submit a return.One is liable for compulsory VAT registration when they have taxable supplies in excess of R1 million in any 12-month consecutive period, but a person may also choose to register voluntarily, provided that the minimum annual threshold of R50 000 (as from 1 March 2010) has been exceeded in the past 12-month period. Source: By Monique Vanek (Tax breaks).
VAT201 eFiling user guide for Value-Added Tax CONTENTS 1. INTRODUCTION........2 2. REGISTERING FOR VAT.......2 3.
REQUESTING VENDOR DECLARATION......5 4. COMPLETING THE VENDOR DECLARATION.....8 5. SUBMITTING THE VAT201 DECLARATION FOR A SPECIFIC TAX PERIOD...18 6. MAKING PAYMENT........20 7. MAKING ADDITIONAL PAYMENTS......24 8. REQUEST FOR CORRECTION.......25 9.
SUBMITTING SUPPORTING DOCUMENTS......28 10. VIEWING HISTORIC DECLARATIONS......32 11. REQUESTING STATEMENT OF ACCOUNT (VATSA).....32 1. INTRODUCTION Since 2007, the South African Revenue Service (SARS) has been modernising and simplifying tax processes in line with international best practice. Improvements are being made continuously as we aim to better our service standards and increase efficiency and compliance. One of the aspects of compliance that SARS wishes to address is the declaration and payment of Value-Added Tax (VAT). During 2010 SARS announced that certain changes will be made to the VAT Vendor Declaration Form (VAT201 Declaration) aimed not only at improving systems processing but also at addressing SARS’s efficiency regarding risk assessment and tax compliance.
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