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Registering for Vat - once difficult, now easy!

by , 08 December 2014
Dear reader,

You MUST register for Vat if your total turnover is more than R1 million in any 12-month period. If you don't, you're guilty of an offense. And you may be liable to a severe fine, two years in prison, or both!

But registering for Vat isn't as simple as just filling in a form. Many businesses report that they've gone to SARS three, four or even five times in an attempt to register. But SARS kept turning them back.

So, how do you make sure SARS will accept your VAT101 application the first time?

Easy! I've simplified it for you. Read on to discover four top tips to register as a Vat vendor and how to get it right the first time...

Tip #1: Go to SARS prepared!
SARS won't even look at your Vat application without the relevant supporting documents. These are:
  • Original letter from your bank confirming the account type and its number and other details. The bank account must be in the name of the business as SARS won't accept any other – even if there's an indemnification form, the letter must have an original bank stamp on it. The letter musn't be older than one month;
  • The last three months' bank statement with original bank stamp;
  • Certified copies of identity documents, or passports of the representative vendor and those directors, members or partners whose names appear on the VAT101;
  • A recent copy of the business municipal account or utility bill and, if you're working from home, your home's original municipal bill, with an affidavit stating that you work from home;
  • Recent copy of the residential municipal account or utility bill or CRA01 form for individual, partner or representative vendor;
  • Copy of financial information listed as source under financial particulars (no cashflow projections will be accepted). This includes all the invoices you've issued so far, and the last three months bank statements;
  • Close Corporation, Company or Trust Fund - Copy of certificate of incorporation;
  • Association not for Gain, Welfare Organisation, or Club - Copy of the constitution; and
  • Any other document that SARS might like to see.
Read on to find tips on what to do after you've submitted your application.
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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.

Tip #2: Keep copies
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.

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.
Tip #3: Nag SARS!
If you've applied for registration as a Vat vendor and need your Vat registration number urgently, nag SARS. If you don't, it will just get lost in the pile!
Tip #4: Time on your hands
Remember that to get a Vat number takes time – sometimes up to a year! So register early to avoid lots of frustration!
Now that you have the top tips, read on for the four golden rules for Vat registration.
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231 remedies for your Vat aches and pains

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  • Zero-rating stings; and
  • And the hurt of Vat penalties.
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Four golden rules for Vat registration
  1. If you run a business, find out if it's an enterprise or not.
  2. If you're operating an enterprise, check your turnover to see if you qualify for registration.
  3. If you run a foreign business that's an enterprise in South Africa, you may have to register!
  4. Once you get your Vat number, check your tax period. And make sure your first Vat return isn't late! 

Get your copy of the Practical Vat Loose Leaf Service. Complied by our Vat experts, you'll find all your Vat solutions and easy to follow step-by-step instructions that are 100% legal.

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Registering for Vat - once difficult, now easy!
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