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
Tip#3: Keep all of your tax matters up-to-date
Don't take up to six months to register for VAT! Here's how to do it the same day
More Than 90% of applications for VAT registrations are rejected by SARS!
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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?
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