I've applied for Vat registration... What now?
Let's say you found out you qualify for Vat registration.
As a responsible business owner, you then apply for Vat registration because you know that in terms of the Vat Act, any person who is liable to register for Vat but fails to do so is guilty of an offence.
You send your VAT101 application for Vat registration and all the right support documents. You're now wondering what happens after Vat registration.
Read on to find out what happens after you register for Vat so you can fully comply with the Vat Act.
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Don't wait up to six months to register for Vat! Here's how to get your Vat number the same day
One of the biggest problems with Vat registrations is not having the right supporting documents and not complying with SARS requirements. The registration process can take up to six months for some companies.
Well it doesn't have to be a problem for you.
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. We've put together a eleven-step action plan so you can get your Vat number immediately......
The following happens after you register for Vat
After Vat registration, SARS does the following:
It sends you a VAT103 registration certificate.
It gives you a 10 digit Vat number.
It tells you your time frame to submit Vat returns. (These are your tax periods – don't get these wrong!)
It tells you if you're on the invoice or payments basis.
Now that you know what happens after Vat registration, keep these points in mind too…
The waiting period for a Vat number is about 21 business days! You'll get a visit from SARS in this period to check that your form reflects reality.
If you've applied for registration as a Vat vendor and need your Vat registration number urgently, nag SARS. If you don't, it'll just get lost in the pile!
You must keep copies of every piece of paper you give to SARS and make sure the SARS official stamps your copy. This way you can prove you submitted what you should have, says the Practical Vat Loose Leaf Service. It's also a good idea to get the name (and try for their e-mail address too) of the SARS official who helped you at the client service centre. This way you have a point of contact.
Now that you know what happens after Vat registration, comply with the Vat Act.