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SARS will interview you when you apply for Vat registration. Take note of the six pieces of information it wants to know or it will reject your application

by , 02 March 2015
When you apply for Vat registration, SARS will do an interview to find out key information about your business.

It's important that you're aware of what SARS wants to know during this interview so you can get your Vat affairs in order and give it what it wants.

Because here's the thing: If, during the interview SARS finds any signs of non-compliance, it will reject your application.

Not only will this trigger an audit, but you'll have to start the Vat registration process all over again.

Don't take that risk.

Read on to discover the six pieces of information SARS wants to know when it interviews you for your Vat registration.

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SARS wants to know these six items when it interviews you for your Vat registration

 
The interview SARS conducts when you register for Vat is 'the Vat vendor interview'.
 
According to the Practical Vat Loose Leaf Service, the information you must provide during this interview includes:
 
#1: The goods or services your business supplies.
 
#2: Whether you export goods or services.
 
#3: How you get payments. For example, is it in cash (high risk), via EFT (low risk) ob by cheques, etc.
 
#4: The type of accounting system your business uses.
 
#5: How you finance your business. If you're using bank loans, provide proof if possible. If you're using your own capital, SARS will check if you do have the necessary funds.
 
#6: Whether your business rents or owns business premises.
 
Without this information, SARS will reject your Vat application. It will also reject your application if your information doesn't add up and it suspects you're a non-compliant vendor.
 
What's more, according to dryk-financial-services.com, SARS will also pull out a report of all directors and companies that relate to them. If it finds non-compliance here too, it won't accept the application.
 
Bear in mind that when it comes to Vat registration, SARS insists that the public officer (owner, partner or director) or a tax practitioner hands in the VAT101 form. If your tax practitioner is the one handing in the VAT101 form and doing the interview on your behalf, make sure he has a SARS power of attorney (which you must sign), certified copies of his ID as well as yours.
 
Now that you know the six pieces of information SARS wants to know when it interviews you, make sure your Vat affairs are in order and give it what it wants so it doesn't reject your Vat registration application.
 
PS: For step-by-step instructions, tips, practical examples and checklists to get your Vat number in the shortest time possible, check out The A-Z of Vat Registrations. 


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