Five things you need to know to fill out your VAT101 form correctly
When you register for Vat, you must complete the VAT101 form correctly.
If you don't, SARS will reject it and you'll have to start all over again.
The end result?
It will take longer to get your Vat number. And this means you won't be able to fully enjoy the benefits of being in the Vat system.
To help you avoid this, we're revealing five things you need to know to complete your Vat registration form correctly...
Don't let SARS drag its heals on your Vat registration
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Use this eleven-step action plan to get your Vat number the same day!
You need to follow the right procedure when you submit your VAT101 form. If you don't, you might have to pay out of your own pocket Vat owed to SARS while you wait for your Vat number.
Luckily for you, we've put together an eleven-step action plan to help get your Vat number the same day... And I want you to have it!
Want to complete your Vat registration form correctly? Familiarise yourself with these five points
In 2013, SARS updated the VAT101 form
. It now has five pages. We'll give you information about some of the things on each page so you can complete the form correctly.
On page one of the VAT101 form, SARS wants your personal details and those of your business. This includes:
Your ID number;
Company registration number;
Income tax numbers;
Residential and physical addresses; and
Contact numbers and email address.
On page two, SARS wants to know the main activity your business is going to carry out. You also need to fill in trade classification codes – which you'll get in the VAT/PAYE 403 booklet on SARS' website.
If you have any other businesses declare them on this page, put down their details and PAYE numbers. If you don't, SARS won't continue the registration process.
On page three of your VAT101 form, you'll find a portion for your accounting basis.
The Practical Vat Loose Leaf Service
says you must register on the invoice basis, unless your business is:
A sole trader with a turnover of less than R2.5 million a year;
A municipality or government department;
A non-profit company; or
A water board.
When you get to page four, SARS wants you to give details of the representative of your business or the contact person.
. On page five, you must give SARS your company's banking details.
These are just some of the things you need to know to fill out your VAT101 form correctly. You can get the rest in The A-Z of Vat Registrations
which contains more than ten additional points.
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