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Three circumstances where you qualify for voluntary Vat registration

by , 31 July 2014
The basic requirement for Vat registration is that your business must be an enterprise.

Once you know whether or not your business is an enterprise, you need to check your turnover.

Why? The turnover threshold will help you determine if your Vat registration is compulsory or voluntary.

For the purposes of this article, we'll focus on voluntary Vat registration.

Take a look at the three circumstances where you qualify for voluntary Vat registration so you can comply with the Vat Act.


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Three circumstances where you qualify for voluntary Vat Registration
 

The Practical Vat Loose Leaf Service explains that even if your taxable turnover doesn't exceed the R1 million threshold, you can register for Vat voluntarily in any of the following situations:
 

#1: You acquire a business as a going concern from a determined date and that business had a taxable turnover of more than R50 000 in a previous 12-month period;
 

#2: If your enterprise is a welfare organisation, share block company or municipality, you can opt for voluntary registration even if you made less than R50 000 in a previous 12-month period; or
 

#3: If your taxable supplies will only be made after some time, but you reasonably expect to make taxable supplies that exceed R50 000 in value over the 12-month period.
 

Just keep in mind that, if you don't fall in one of these voluntary registration categories and your taxable turnover doesn't exceed R50 000 a year, SARS will refuse your registration.
 

Well there you have it: These are the only three circumstances where you'll qualify for voluntary Vat registration – so make sure you comply with the Vat Act.
 

PS: If you need more information on voluntary Vat registration or just Vat registration in general, check out the Practical Vat Loose Leaf Service.

 

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