SARS VAT return negative output tax

[miriam790]

Hello there

I have a question. This month we have a negative output VAT because of a credit note. I wanted to file the return, but I can't put in negative output VAT. The business is closing and next time I will have the same problem.

What can I do now? Put it in as input vat?

[Mike C]

Hi miriam790 - Credit notes usually fall under Tax Box No 18 on the form (Other Input)

That should result in a Vat Return from SARS. If you have no other Output (seeing as the business is closing) or it is the first time that you are claiming, your return might be subjected to a review.

What this means is that you have to upload the relevant documents so that they can check them. If they are all ok there should be no problem.