Value Added Tax

Maximum Profit Recovery is a specialized verification company that validates the accuracy of your accounting systems and procedures, for the maximum period for which a recovery can be made in terms of the prevailing legislation (currently the last 5 (five) years for VAT). This process will ensure that your hard copy and electronic data are consistent and accurate. Our 100% line-by-line verification process will identify and recover overpayments and under deductions that are rightfully yours. MaxProf’s VAT recovery reviews include i.e. the following: VAT apportionment ratio calculations, VAT201-returns, undue penalties and interest, as well as other VAT related matters.

 

We review the complete history of your Accounts Payable transactions for the last 3 years to identify and recover duplicate payments and over-payments made to the Client’s Suppliers.
Utilising the same source data as the Duplicate Payment Review, our 100% review of Accounts Payable transactions involves the identification of potentially unclaimed VAT which is then verified to copy invoices and any subsequent internal journals before scheduling for submission to SARS.
We obtain and review Supplier Statements to identify Supplier credit notes not accounted for or recovered in the Client’s ledgers. Our reviews also identify invoices unpaid in the Client’s Purchase ledger but not reflected on the Supplier’s statement, thus enabling the value of the invoices to be written back to profit.
All of our services are provided on contingency basis, we only charge based on what we recovery for your organisation.