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If you answer 'yes' to all four questions, you must register for Vat

by , 23 July 2014
Not every business has to register for Vat.

There are certain requirements you must meet for Vat registration. For example, you must register for Vat if you reach the R1 million turnover threshold.

While the turnover threshold is an important Vat registration requirement, we want to focus on understanding what an enterprise is.

Why?

Because this is the starting point for Vat registration. In terms of section 1 of the Vat Act, operating an enterprise is a basic requirement to register for Vat.

Take a look at these four questions below. If your answer is 'yes' to all of them, your business is an enterprise and you can register for Vat.

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If you answer 'yes' to these four questions, congratulations, you run an enterprise and you can register for Vat!


Question #1:  Does your business carry out any activity where you supply goods or services?
 

Question #2: Does your business carry out this activity on a continuous or regular basis?
 

Question: #3: Does your business carry out these activities in SA or partly in SA (if it's a foreign business)?
 

Question #4: Does your business receive consideration for the supply of your goods or services (this need not be only money, but could be on a barter transaction, for example)?
 

Please note that these questions also apply to businesses operating to make a profit as well as non-profit organisations.
 

If you answered 'yes' to all these questions, you're an enterprise. And you've met the basic requirement of Vat registration.
 

Now check out the Practical Vat Loose Leaf Service to find out if you meet the other four requirements for Vat registration so you can fully comply with the Vat Act.


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