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Vat Registration

  • 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]
  • 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]
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