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Five instances when SARS can refuse your VAT registration. Find out what they are so SARS doesn't reject yours

by , 02 November 2016
Five instances when SARS can refuse your VAT registration. Find out what they are so SARS doesn't reject yoursIf you register for VAT, you can claim input tax back on your VAT returns.

The good news is, you can register for VAT voluntarily even if your taxable turnover doesn't exceed the R1 million threshold in any 12-month period.

Keep reading below to see if you can do this...

SARS has put a few surprises in the new VAT return… And they could cost you your refund!

Something as simple as leaving a space instead of putting a zero in column 1A of the new VAT return could cost you your refund!
Are you 100% sure you've covered all your bases?
 
Find out how you can avoid falling into the traps today

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Three instances you can register for VAT if you're below the R1 million threshold
  • You buy a business as a going concern from a determined date. And that business had a taxable turnover of more than R50 000 in a previous 12-month period; 
  • Your enterprise is a welfare organisation, share block company or municipality and you made less than R50 000 in a previous 12-month period; or 
  • You'll only make taxable supplies after some time, but expect these to exceed R50 000 in value over the 12-month period. 
But it's not a given than SARS will accept your application.
 
That's right.
 
If you apply for voluntary VAT registration, SARS can refuse to register you in five instances.

Read on to see what these are so you can ensure the taxman doesn't reject yours...

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Errors in VAT invoices could cost you thousands!

Are there any inaccuracies in your VAT invoices? You may be charged a very high penalty!

The truth is brutal! Even if it wasn't you who made the mistake, it may be you who will bear the consequences. If SARS has found inaccuracies, you will be assessed, held liable to penalties and interest and possibly even additional tax! You may even be prosecuted!

To be continued here

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Believe it or not, but SARS can refuse to register you for VAT

SARS can refuse to register you for voluntary VAT registration in the following five instances:
  1. You don't have a fixed business or residential address; 
  2. You don't keep proper accounting records about your enterprises; 
  3. You don't have a bank account for the business you're running; 
  4. You don't bring the supporting documents with your VAT101 application form; and 
  5. You were previously registered as a vendor for any enterprise, under the VAT Act and didn't perform your duties in terms of the Act.
Here's how to make sure SARS doesn't reject yours...

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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!

But your's doesn't have to be one of them.

I have a solution to ensure you walk into a SARS office 100% prepared for your VAT registration.
 
Here's how you can register for VAT and get it the same day...

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To make sure SARS doesn't reject your application:
  • Have a fixed business address;
  • Keep proper records;
  • Open a bank account for your business; and
  • Have all the right support documents. 
Now that you know about these five instances, get everything about your Vat registration right so SARS has no reason to reject your application.


P.S. Think VAT doesn't apply to your payroll? You're wrong! Here's how to avoid this common error and keep SARS away from your door at audit time.


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