- 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
- 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.
... ››› more
- [15 February 2017]
- Any person who is liable to register for Vat but fails to do so is guilty of an offence. Don't get caught out by SARS!
- When you register as a Vat vendor, you effectively become a SARS tax collector and part of the Vat collection system. You'll be accounting to SARS for the value added tax levied by you on the goods or services you supply in the course of conducting your business activities.
How do you know if you qualify? Should you register as a vendor?
There's no limit to the type of enterprise or busines... ››› more
- [05 December 2016]
- Are you waiting for SARS to issue your VAT registration number, but not sure how to claim back VAT in the meantime? Here's how
- Dear reader,
So, you've registered for VAT because your company is now making more than R1 million in turnover.
But, SARS can make you wait up to six months to get your VAT number.
The good news is you don't have to sit around waiting for it to claim back your VAT.
Here's how to claim your VAT back in two simple steps…
****** Your finance team can't afford to miss this! **... ››› more
- [03 May 2016]
- What happens to your partnership's VAT registration if it dissolves?
- You all know that if you're in a partnership, it MUST be registered for VAT, provided:
· It has a turnover of over R1 million in any 12-month period; and
· There is an agreement or contract confirming there will be an income of over R1million in the next 12 months.
You could also voluntarily register for VAT if it earns over R50 000 in any 12-month period.
But now tha... ››› more
- [24 February 2016]
- Case Law: Don't make the same mistake this guy did with his VAT registration. Avoid a 200% penalty today!
- It's common for VAT vendors to deregister when they fall below the threshold, or for SARS to deregister them when they're non-compliant.
Don't find yourself at the backend of the law, as shall be seen with 'AD CC' in the following VAT case... AD CC vs. SARS (VAT case #1069) 25th July 2014
What were the facts of the case?
SARS deregistered VAT vendor AD CC in January 2000 because he failed... ››› more
- [03 February 2016]
- Great News: SARS simplified the VAT101 form
- You've probably seen all the news around the latest 94 amendments to the VAT Act last year.
And just as soon as you think you're starting to get your head around it, SARS goes and changes the VAT registration form again!
SARS say they're streamlining the process for VAT registration and making it easier for everyone to apply as a VAT vendor. So, as part of this upgrade, SARS recently introd... ››› more
- [25 January 2016]
- 9 Steps to establish a rental pool for VAT purposes
- If you own a property and provide commercial accommodation, but cannot register for VAT, there's a way out for you.
You can pool your unit with other owners and register as a rental pool for VAT purposes.
Having said that, here are 9 steps you can follow in establishing a rental pool... Step#1:
The owners or shareholders must elect in writing that a rental pool can be established and tha... ››› more
- [08 January 2016]
- 12 tips to make VAT registration easy
- VAT registration doesn't have to be complicated, and we can prove it!
Here are 12 quick tips to follow for easy VAT registration: Tip#1: Include and exclude these 3 values in your taxable turnover
When you calculate your taxable turnover for VAT:
· Include the value for zero-rated supplies;
· Exclude the values of exempt supplies; and
· Fill ... ››› more
- [08 December 2015]
- What is an enterprise?
- This was a question we received from Jack on the AccountingandTaxClub.co.za. He didn't know if the business he is running is an enterprise.
But this is something you must understand. You see, operating an enterprise is a basic requirement to register for VAT in terms of section 1 of the VAT Act.
Read on as I'll show you what an enterprise is and if you run one... Checklist: 4 Ways to tell i... ››› more
- [09 November 2015]
- R4 200 a month in taxable supplies is all you need to register for VAT since 12 October 2015
- I'm sure by now you know that if your business has reached or is likely to reach a taxable turnover of R1 million in any 12-month period, you have to register it for VAT.
But what you may not know is as of the 12th of October 2015, SARS made a change to the VAT Act regarding voluntary registration. Previously you could register voluntarily once you exceeded taxable turnover of R50 000 in any 1... ››› more
- [03 November 2015]