*********** Advertisement ************
Don't take up to six months to register for Vat! Here's how to do it the same day
One of the biggest problems with Vat
registrations is not having the right supporting documents and not complying with SARS requirements. The registration process can take up to six months for some companies.
Well it doesn't have to be a problem for you.
I have a solution to ensure you walk into a SARS office 100% prepared for your Vat registration
Here's how you can register for Vat and get it the same day. We've put together a eleven-step action plan so you can get your Vat
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
According to the Practical Vat Loose Leaf Service
, the information you must provide during this interview includes:
The goods or services your business supplies.
Whether you export goods or services.
How you get payments. For example, is it in cash (high risk), via EFT (low risk) ob by cheques, etc.
The type of accounting system your business uses.
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.
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
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.