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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 , 15 February 2017
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 them what they want.

Because here's the thing, if during the interview SARS finds any signs of non-compliance, they'll 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 6 pieces of information SARS wants to know when they interview you for your VAT registration.

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SARS wants to know these 6 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 Handbook, 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) or by cheques, etc.

Read on for the other 6 pieces of information…
 
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#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. They'll also reject your application if your information doesn't add up and they suspect you're a non-compliant vendor.
 
SARS will also pull out a report of all directors and companies that relate to them. If they find non-compliance here too, they 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 6 pieces of information SARS wants to know when they interview you, make sure your VAT affairs are in order and give them what they wants so they don't reject your VAT registration application.

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