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NEW VAT Submission Deadline – Make Sure You Don’t Miss It

new VAT submission deadlineValue Added Tax (VAT), for most of the Small Business market is payable every second month, although certain exceptions do exist where businesses pay VAT on a monthly basis. The Receiver of Revenue (SARS) requires you to submit and pay your VAT liability for the preceding two month period, no later than the last business day of the month following the end of the applicable VAT period. Failure to comply with this legal requirement imposes an immediate 10% penalty and furthermore, interest accrues on a daily basis.

As an example, should your designated VAT periods be 1 August until 30 September, than your VAT return will have to be submitted and paid by no later than Tuesday, 31 October 2012.

Kindly note an important change announced by SARS:

Prior to 1 October 2012, VAT vendors were entitled to file VAT 201 returns electronically on the last business day of the month, including effecting the payment of the VAT amount due.

The Tax Administration Act, 2011 became effective on 1 October 2012 and now require that the submission of VAT201 returns be effected by the 25th of the month following the VAT period. However, the payment of VAT due may still be effected by the last business day of the month the return was submitted.  However, please note the practice generally prevailing prior to 1 October 2012 is still applicable, and hence the September 2012 VAT201 return can still be submitted by the end of this month.

This change has a significant impact on the date in which you receive your VAT calculations from your finance department or Accountant and subsequently also the date on which you authorize this return for submission and payment. It appears as if most of us will have to adapt our internal financial systems to ensure we do not miss this new deadline.

Thrive CFO’s Comprehensive Accounting package ensures that clients in most parts of the country complies with SARS legislation hassle free, by ensuring accurate and timeous monthly reporting. Allowing them sufficient time to plan month-end cashflow and still meeting their SARS deadlines.

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I have only the greatest appreciation for this company. I was going through a difficult time and they were understanding and accommodating. My tax was handled speedily and efficiently.
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We have been using Melissa, Marche and the rest of the crew at ThriveCFO for over 10 years, in order to compile our annual audit for Law Society. They have been exceptional, efficient and pro-active every year. I would not take the business anywhere else.
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Our firm has been making use of the services of Thrive CFO for more than 10 years. Thrive CFO has amazing staff that is not only extremely helpful, but also very capable. We are extremely happy with their services and will continue to support them. They make accounting easy. Thanks Melissa, Marche and the rest of the Team - You Rock!!
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As someone who has had the pleasure of working with Thrive CFO, I can confidently say that they are an exceptional company with an unwavering dedication to their clients. From beginning to end, their commitment to providing top-tier financial services is evident in every interaction.One of the things that sets Thrive CFO apart is their focus on education. They take the time to educate their clients on financial best practices and help them understand the reasoning behind their recommendations. This approach ensures that clients are empowered to make informed decisions about their finances.Thrive CFO also uses the latest technology to streamline their services and make the financial management process as efficient as possible. They utilize cloud-based software to provide real-time financial data and make it easy for clients to access their financial information at any time.Overall, Thrive CFO is an exceptional company that is dedicated to providing personalised financial solutions that help their clients succeed. If you're looking for a financial firm that truly cares about your success, I highly recommend Thrive CFO.
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Great experience with the team! Always willing to assist with questions and able to help guide my small business to ensure that I am compliant.
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