There are three requirements you must meet to register for Vat.
Do you know what these are?
Here are the three requirements for Vat registration
The Practical Vat Loose Leaf Service explains that to register for Vat, your business must meet the following requirements set out by Vat law:
But what do these criteria mean and how do you go about finding out if you qualify to register for Vat?
Let's take a look.
Enterprise: The Vat Act says if your business is as an 'enterprise', you can register for Vat.
What exactly is an enterprise?
The Accounting & Tax Club says in terms of Vat law, the word enterprise is a collective word that refers to whether an activity is carried:
It also refers to the following cases:
If your business activities qualify for all of the above, it's an enterprise.
Remember, an enterprise also includes:
Turnover: When you establish you're running an enterprise, you need to check your turnover.
Vat law gives certain turnover amounts. This means you must consider these before you register for Vat. The turnover amounts are for any period of 12 months.
Vat registration turnover thresholds
Well there you have it. These are three requirements you must meet to register for Vat.
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