VAT Registration

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

COMPULSORY 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










Share this page:
Find this page helpfull? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.


E-mail Address
First Name (Optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Dryk Newsletter.

Contact us for assistance ...