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Does your annual turnover exceed R1 million? You must register for Vat!

by , 23 July 2015
It's compulsory to register for Vat if your turnover exceeds R1 million.

To register you need to complete and submit a VAT101 form within 21 days from date of exceeding R1 million.

If you miss this deadline you could face a non-compliance penalty.

This is just one of the forms and supporting documents you need to submit.

Read on for the eight other supporting documents and forms you need, when applying for Vat registration.

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Three forms you must submit when you apply to SARS for registration as a Vat vendor:

  • VAT101 – Value added tax: Application for registration
  • VAT127 – Business plan for purposes of compulsory Vat registration.
  • VAT130 – Value-added tax: notification of appointment as bookkeeper/external auditor or accountant

When you apply for Vat registration as a Vat vendor, you must include the following documents:

Checklist: Four supporting documents you need when applying for Vat

1.    Certified copies of the ID or passport of the person who submits the Vat returns
2.    One of the below documents confirming your bank details:
  • An original bank statement stamped by the bank, no older than three months. The account number and branch number needs to be clearly shown; and
  • SARS will accept an original letter from the bank, stamped by the bank, if it's a new bank account and you're unable to draw a statement. It must also clearly show the account holder, branch number and account number.

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The two other supporting documents you need when applying for Vat

3.    A completed VAT130 form, together with a letter of appointment or engagement letter from your bookkeeper, accountant or external auditor.
4.    A copy of documents dependant of the type of company you've registered. Refer to the Registrations chapter R08 in the Practical Tax Loose Leaf.

There you have it! All the supporting documents and forms you need to successfully register for Vat.

P.S. One of the most common issues that confuses people is whether or not to charge Vat for a supply or service you render to another person or business. Click here to use this failsafe rule to solve your question in two EASY steps!

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