Great News: SARS simplified the VAT101 form
You've probably seen all the news around the latest 94 amendments to the VAT Act last year.
And just as soon as you think you're starting to get your head around it, SARS goes and changes the VAT registration form again!
SARS say they're streamlining the process for VAT registration and making it easier for everyone to apply as a VAT vendor. So, as part of this upgrade, SARS recently introduced a new VAT101 form and is doing away with all the supplementary VAT101 forms.
You need to know about the changes or there's going to be a lot of confusion and denied VAT applications.
Here's what you need to know about the new VAT101 form...
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When must you register for VAT?
Before I tell you about the VAT101 form, let's quickly discuss if you need to fill it in first and register for VAT.
If you run an enterprise and you meet one of these 3 criteria, you must register for VAT:
If you have a business and your total taxable turnover exceeds R1 million in the previous12 months, you have no option – you must register for VAT.
If you have a business and your total taxable turnover will, in terms of a written contractual commitment, exceed R1 million in the next12 months, you must register for VAT.
If you're a foreign supplier of electronic services and your taxable supplies to South African customers exceeds R50 000 in any 12-month period, you must register for VAT.
And you can register voluntarily if your income exceeds R50 000 in any 12-month period.
Now let's look at the VAT101 form.
Are you willing to wait more than 6 months for Vat registration?
SARS has confirmed that the minute you've applied for Vat registration, you must start charging Vat. Otherwise, and the amount you've charged your customers will be regarded as being inclusive of Vat. And the Vat will come out of your pocket...
You can rely on our experts and take advantage of their experience with SARS! Learn how to stand up for your rights! The A-Z of Vat Registrations ereport
will give you that.
Get your copy here
The new VAT101 form
The new VAT101 form replaces all the supplementary VAT registration forms. All you need, is this form.
The form has changed from 5 pages to 7 pages, so SARS will need a lot more information from you. Here's what you'll need to include:
Page 1 – SARS wants the full applicant details
Page 2 – Insert your contact and address details
Page 3 - Particulars of representative taxpayer, partners, members, directors or trustees and
Page 4 – Here you need to put your address details if you're already a VAT vendor and your address details have changes
Page 5 – Your bank account information
Page 6 – Registration options and the diesel refund scheme
Page 7 – Give SARS your tax practitioner details and sign the declaration.
That's all for the changes on the VAT101 form. To find out how to fill it in correctly, simply consult the A-Z of VAT registrations.