HomeHome SearchSearch MenuMenu Our productsOur products

Every year, SARS rejects 90% of all Vat Registrations. Don't become a statistic

by , 10 March 2014
Avoid becoming a Vat registration failure statistic. Today, I'm giving you four tips to follow so that you can avoid sitting long hours at SARS and get your Vat registration number quicker.


Four tips for easy Vat registration

Tip #1: Make sure you fall into one of the four Vat registration categories if your turnover is nil

SARS will refuse to register you if your turnover is less than R50 000 per year. But, if your business is one of the four listed below, you can still register for Vat, even with a nil turnover:

1) Welfare organisations;
2) Municipalities and water boards;
3) Certain public authorities; and
4) Businesses that will have  a turnover in excess of R50 000 in the next period of time.

+++ Confidential. 13 Vat secrets SARS doesn't want me to publish +++

Tip #2: Include and exclude these three values in your taxable turnover

When you calculate your taxable turnover for Vat purposes:

• Include the value of zero-rated supplies;
• Exclude the value of exempt supplies; and
• Fill in standard-rated, zero-rated and exempt supplies in the appropriate boxes on the Vat return.

Tip #3: Register if your input tax exceeds your output tax

It benefits you to register if your input tax is likely to exceed your output tax.

Tip #4: Disclose all your trading names

When you register, disclose all your trading names. If you don't, SARS could deny customer input tax
deductions.

Got that? Good!

For those of you who want to brush up on your Vat registration knowledge, read more here.

Luckily our subscribers know that they can avoid penalties and costly Vat audits relating to Vat registering mistakes, with the Practical Vat Loose Leaf by their side.

If you're not a subscriber yet and would like activate your Practical Vat Loose Leaf Service, click here.

Until next time,
 
Philip Rosenberg

Managing Editor, Practical Vat Loose Leaf Service

P.S. Every year, SARS rejects 90% of all Vat Registrations. Don't become a statistic


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>