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To meet your Vat deadlines, use this handy checklist to confirm your Vat category status and tax period

by , 20 June 2014
'Vat vendors aren't created equal'.

By this, we mean not every vendor pays Vat at the same time. You must make your Vat payments according to your Vat category or tax period.

The tax period you'll submit your Vat return in is based on your business' turnover in any 12-month period.

Sound complicated?

Use this handy checklist to confirm your Vat category status and tax period so you can meet your Vat deadlines and avoid penalties.

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Our Vat experts have created a handy checklist to help you confirm your Vat category status and tax period – use it so you never miss another Vat deadline

Below, the experts behind the Practical Vat Loose Leaf Service give you the Vat categories and tax periods checklist:

#1: Category: A
Your Vat returns are due:
January, March, May, July, September and November.
Who qualifies for this tax period? Any vendor who registers and whose turnover is less than R30 million in a 12-month period.

#2: Category: B
Your Vat returns are due: February, April, June, August, October and December.
Who qualifies for this tax period? Any Vat vendor who registers and whose turnover is less than R30 million in a 12-month period.

#3: Category: C
Your Vat returns are due:
Monthly.
Who qualifies for this tax period? Any vendor who requests it and vendors whose turnover is more than R30 million in a 12-month period.

#4: Category: D
Your Vat returns are due: Every six months.
You must submit one return for every six calendar months, ending on the last day of February and August.
Who qualifies for this tax period? Farmers with turnovers of less than R1.5 million in a 12-month period.

#5: Category: E
Your Vat returns are due:
Annually.
Who qualifies for this tax period? A company or a Trust fund only involved in:

  • Fixed property letting;
  • Renting of movable goods; or
  • Administration or management of companies that are connected persons.

Note: You must apply to SARS to be registered in this Vat category.

#6: Category: F
Your Vat returns are due?
SARS says this is a four-monthly tax period. And the four month period for each year are as follows:

  • March to June to be submitted in July.
  • July to October to be submitted in November.
  • November to February to be submitted in March.

Who qualifies for this tax period? Small business with turnover less than R1.5 million.

There you have it. We hope this checklist has made things clear regarding tax periods and Vat categories and that it'll help you meet your Vat deadlines.



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