VAT registration

A few things to keep in mind regarding a VAT registration.


COMPULSARY REGISTRATION

A business is liable to register as a vendor if the value of taxable supplies exceeds or is expected to exceed R 1 million (From 1 March 2009). The threshold was increased from R 300,000 to R 1 million on 1 March 2009.


VOLUNTARY REGISTRATION

A business may register voluntary for VAT if the taxable supplies exceed R 50,000 over a period of 12 months. Threshold for commercial properties is R 60,000 per annum.


DEEMED SUPPLIES

If a person omits to register on time, turnover will be deemed to include VAT.


APPLICATION PROCEDURES FOR VAT

Application form for VAT is a VAT 101

You will need the following information:

* Copy of certificate of incorporation (Closed corporation or a company)

* Copy of Trust deed & Authority letter (Trust)

* Copies of ID's of all directors / members / trustees

* Recent copy of the business municipal account or a rental agreement of the entity.  No other proof of business adress will suffice.

* Original banking details confirmation (Original letter from your banker aswell as a original stamped statement from the bank)

* Latest three months bank statements.

* Lastest months invoices to confirm income.


IMPORTANT TO KEEP IN MIND

With every application a SARS official will do a interview with yourself as the representative vendor OR your tax consultant on your behalf.  In the interview the official will ask you a few question to the type of business relating to the application.  

A report will also be pulled of all directors and related companies of such directors.  If any information show non-compliance,  SARS will not accept the application.

As tax practitioners we have the advantage of making an appointment for a spesific day and time,  which ease the process and application.


Contact us for assistance in your VAT registration application


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