Date: March 13, 2020

Author: Jaco Swart

Tags:

Comments Off on What Do You Need to Register for VAT?

What Do You Need to Register for VAT?

Registering your business for VAT is mandatory if your turnover is R1 million or above over a 12 month period. For a smaller business who just started out, registering for VAT is not mandatory if you fall under this bracket; in fact it is completely voluntarily.

Why would you register for VAT if it’s not mandatory?

The benefits of registering your business for VAT include the following:

  • When you register for VAT, it is a dead giveaway what your turnover is, even if it is under R1 million. For a small business who wants to work with corporate clientele, VAT represents reliability, as the corporate clientele prefers to work with businesses who are registered and possesses a VAT registration number.
  • Another benefit of being VAT registered, is that you can claim VAT back if you are a capital-intensive business.

How can you register your business for VAT?

You can either elect to register your business for VAT yourself, in terms of using the online option on SARS’s website, or you contact us. With us, you are not just a number.

In both instances, the VAT 101 application form must be submitted to the SARS branch nearest to the place where your business is situated.

You’ll need to have registered your business if you are looking to register your business for VAT. Your company registration number is a requirement. You will also need to open a bank account in your business’s name. Other things you will need to consider if you have staff is registering them for PAYE, UIF and Workman’s Compensation, if you have not done so already. If you’re looking to expand your team, these items will be new requirements for your business.

Businesses, whether large or small, have a vital role to play as taxpayers in our economy.

Any business has various tax obligations it must meet. We understand that SARS is not for everyone, which is why we deal with them, so you don’t have to.

Contact us for your VAT registrations and everything SARS related, for us, you are more than just a number.

Comments are closed.

COVID-19 Information
Visit now
COVID-19 LOCKDOWNWe are here for you

From from 26 March 2020 until 16 April 2020 during the Lockdown we are working remotely, but at full capacity. Feel free to contact us via email.

Contact us now