n CME : Your SA Journal of CPD - Common VAT errors made by medical practitioners : money matters
|Article Title||Common VAT errors made by medical practitioners : money matters|
|© Publisher:||Health and Medical Publishing Group (HMPG)|
|Journal||CME : Your SA Journal of CPD|
|Publication Date||Aug 2010|
In this article I would like to discuss certain of the more common VAT-related errors made by medical practitioners and which I come across when checking clients' VAT returns. The consequences of submitting incorrect VAT returns are severe, as SARS is entitled to charge a 10% penalty as well as interest on any underpayment of VAT. Therefore should you be doing your VAT calculation consistently incorrectly the cumulative penalties and interest chargeable by the SARS could add up to many thousands of rands.
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