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Jan 06 2015

Should I Register for VAT?

A question we're often asked as advisories is when should a business register for VAT, the answer is quite straightforward and the process relatively painless, read on for more..

When to register?

It is mandatory for a business to register for VAT if the income earned in any consecutive twelve month period exceeded or is likely to exceed R1 million. The business must complete a VAT 101 - Application for Registration form and submit it to the local SARS branch within 21 days from date of exceeding R1 million turnover. A business may also choose to register voluntarily if the income earned, in the past twelve month period, exceeded R50 000.

How to register?

The VAT 101 application for registration must be submitted in person at the SARS branch nearest to the place where your business is situated or carried on. A registered tax practitioner may appear in person on behalf of the applicant. SARS will not accept any faxed or photocopied applications for registration. Posted applications will only be processed if applicants are geographically far from the SARS branch or due to any form of disability and the applicant cannot physically present the application.

All supporting documents, as listed on the application form, must be submitted, otherwise there may be a delay in finalising the VAT registration.

Contact us now in order to assist you with this process!

Read 843956 times Last modified on Friday, 12 June 2015 15:52
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