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12 tips to make VAT registration easy

by , 08 December 2015
VAT registration doesn't have to be complicated, and we can prove it!

Here are 12 quick tips to follow for easy VAT registration:

Tip#1: Include and exclude these 3 values in your taxable turnover

When you calculate your taxable turnover for VAT:

·        Include the value for zero-rated supplies;
·        Exclude the values of exempt supplies; and
·        Fill in zero-rated, standard-rated and exempt supplies in the appropriate and exempt supplies in the appropriate boxes on the VAT return.

Tip#2: Disclose all your trading names

When you register, make known all of your trading names.

If you don't do this, SARS could deny your customers' input tax deductions.
 
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Tip#3: Keep all of your tax matters up-to-date

Ensure all of your, as well as your company's, tax matters are completely up-to-date when you apply.

SARS will need to send in any outstanding tax returns before it can approve your application.

Tip#4: Keep copies

Keep copies of every single piece of paper you hand in to SARS, and ensure the SARS official signs your copy. Doing this can prove you handed in what you were supposed to.

Get the name and address of the SARS official assisted you at the client-service centre. By doing this, you can have a point of contact for anyone who may have any queries.

Tip#5: Register early

Getting a VAT number takes time, sometimes up to an entire year.

So make sure to register as early as possible so as to avoid a world of frustration…
 
*Do you want to know what the other 7 tips are?

Then click here right now and subscribe to the Practical VAT Loose Leaf Service where you can find all you need to know on VAT registration, and so much more! 


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