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Need to deregister from Vat? Here are five things you can do to speed it up

by , 29 October 2014
You registered as a Vat vendor but now you have to close or sell your business because of financial problems.

Because of this, you want to deregister your company from SARS' Vat system.

But, before you fill in the documents to deregister, take a look at these five things you can do to speed up the process...

 

Speed up your Vat deregistration by doing these five things

 
1. Write the date on which you closed, will close or will sell your business.
2. Confirm whether you sold your business as a going concern and whether you will sell your business assets to the purchaser as part of the transaction.
3. Give SARS the name and address of the person you're selling your business to.
4. Attach a copy of the sales agreement (if applicable).
5. If you didn't sell your business as a going concern, or it merely ceases or closes, attach:
 
A list of all the assets on hand at the date on which you sold or closed.
If you sold the assets, proof of the sale.
If you retain the assets, you must calculate output Vat on the lowest of cost or open market value of those assets and paid over to SARS in your final Vat return.
 
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Here's when the deregistration takes affect

 
If SARS accepts your request for cancellation, deregistration will normally commence on the last day of the tax period in which you applied for cancelation (SARS will indicate this date).
 
Caution: If SARS approves your cancellation, it may not be the end of the matter. SARS will probably carry out a final audit on your business in order to ascertain that you accounted for Vat.
 
So get your Vat deregistration done quickly by doing these five things.
 
Check out the Practical Vat Loose Leaf Service for more on deregistering from Vat
 


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