If you’re a registered Vat vendor, don’t forget to fill out this section when you complete your IT14SD form

Simangele Mzizi, Fsp Business, 12 Nov. 2014

Tags: it14sd form, completing an it14sd form, sars, supplementary declaration form

Often, registered Vat vendors struggle when completing their IT14SD form.

Usually it’s because they’ve forgotten to fill out one important section on the form that specifically applies to them. As a result, SARS rejects their form.

Don’t suffer the same fate.

Read on to discover which section it is…

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Here’s the section you mustn’t forget to fill out as a registered Vat vendor when you complete your IT14SD form

The IT14SD form contains the following schedules or sections:
  • PAYE reconciliation schedule;
  • Income Tax reconciliation schedule;
  • Vat reconciliation schedule;
  • Customs the reconciliation schedule; and
  • Reconciling items.
The one section you must never forget to fill out as a vendor is the Vat reconciliation schedule.
This section shows the input and output Vat your company declared on the Vat return for the tax periods in the year of assessment. In this section, you’ll need to add in the following totals:
  • Total output Vat, as per your Vat return;
  • Total supplies, excluding those that are zero-rated;
  • Total zero-rated supplies;
  • Total goods exported;
  • Total exempt and non-supplies;
  • Total Vat supplies;
  • Total goods imported; and
  • Total input tax claimed.
After this, you must:
  • Compare these figures to the amounts you wrote on your company income tax return (IT14); and
  • Compare the figures you got from your Vat return to the amounts in the “Income Statement Information” section.
If the amounts don’t match up, write an explanation to SARS and give evidence.
While all the sections on your IT14SD form are important, the Vat reconciliation schedule specifically applies to you as a registered Vat vendor. Don’t forget to fill it in so SARS doesn’t reject your form.
PS: For more information on how to complete your IT14SD form, check out the e-book How to successfully complete your IT14SD form.

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