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Only 5 Requirements to Register for VAT

 

  1. Company Registration Documents

  2. All Directors I.D

  3. Directors & Business Proof of Physical Address 

  4. Proof of Continuous Trade (At Least 3x Invoices with a minimum turnover of R50 000

  5. Company Bank Statement (3 months - must reflect payment of invoices)

  6. An appointed Public officer.

 

 

Do Not Meet the Requirements? 

 

Here's Our Alternative solution

 

If you do not meet the above or want to avoid the below process, or require a COMPANY VAT REGISTRATION urgently, a consultant will advise you on the EXPEDITED VAT REGISTRATION SERVICE, Price is issued on the application for a quote.

 

 

Normal Company VAT Registration Process at SARS

 

 

You will be advised of the above requirements and a quotation will be emailed. 

Once all requirements are received. Within 3 working days, a delegated staff member will proceed to SARS  with all requirements and our application form. the interview will be conducted at the SARS branch. 

The VAT application will result in the discretion of the SARS consultants.  The consultant will advise the following: 

You are successfully registered for VAT or

You are selected for a site inspection. This is a 21-day process where a SARS Inspector will come out of the business address to verify that your business is actually trading.

 

 

What is VAT? 

 

 

VAT is an indirect tax on the consumption of goods and services in the economy. Revenue is raised for the government by requiring certain businesses to register and to charge VAT on the taxable supplies of goods and services. These businesses become vendors that act as the agent for the government in collecting the VAT.

VAT is charged at each stage of the production and distribution process and it is proportional to the price charged for the goods and services.

You will be liable for compulsory VAT REGISTRATION if you are carrying on an enterprise and make taxable supplies in the course or furtherance of that enterprise exceeding R 1 million in any consecutive period of 12 months, or will exceed that amount in terms of a written contractual obligation. 

The R 1 million compulsory VAT REGISTRATION threshold applies to the total value of taxable supplies (turnover) and not the net income (profit) that your business has made for the period.

A person who is registered, or who is obliged to register, is referred to as a “vendor”. A person is referred to as a “vendor” from the date that person first became liable to register.

A person can apply for voluntary registration even though the total value of taxable supplies is less than R 1 million. A person may apply for voluntary registration if that person:

Is carrying on an enterprise and the value of taxable supplies made has exceeded the minimum threshold of R 50 000 in the past 12 months.

Is carrying on an enterprise and the value of taxable supplies has not exceeded the R 50 000 minimum threshold but can reasonably be expected to exceed that threshold within 12 months from the date of registration 

Intends to carry on an enterprise acquired as a going concern, provided that the value of taxable supplies made by the supplier of the going concern exceeded R 50 000 in the past 12 months. 

 

It will generally not be advantageous for a person to register voluntarily where:

 

There are very few taxable expenses on which input tax can be deducted for example, when the main enterprise expense is salaries and wages;

Most of the supplies are made for final consumers who are not registered for VAT.

 

 

Refusal of a voluntary VAT REGISTRATION application at SARS

 

The Commissioner must be satisfied that the person applying for voluntary registration meets the following requirements: 

Has a fixed place of residence or business 

Keeps proper accounting records 

Has opened a banking account in the RSA 

Proof of trade e.g. invoices (Payments to reflect in a bank account)

Has previously been registered as a vendor under VAT  and failed to perform the duties of a vendor

In the event that any of the above requirements are not met, the Commissioner may refuse the registration

 

Once registered for VAT with SARS

 

All prices charged, advertised, or quoted by a vendor must include VAT at the applicable rate (currently 15% for standard-rated supplies). 

VAT charged on supplies made (output tax) less VAT paid to your suppliers (input tax) and other permissible deductions = the amount of VAT payable/refundable. 

Vendors are charged with the responsibility of levying VAT and paying it over to the State after deducting permissible VAT inputs and other deductions – please make sure that you pay it over on time, otherwise, penalties and interest will be charged.

 

 

When should I submit returns and make payments?

 

 

A vendor is required to submit VAT returns and make payments of the VAT liabilities (or claim a VAT refund) in accordance with the tax period allocated to the vendor. The VAT returns and payments are normally submitted/made on or before the 25th day after the end of the tax period. Late payments of VAT will attract a penalty and interest.

This is the standard tax period, which is generally allocated at the time of registration. Under this category, you are required to submit one return every two calendar months. 

Category A is a two-month period ending on the last day of January, March, May, July, September, and November. 

Category B is a two-month period ending on the last day of February, April, June, August, October, and December. 

 

The category applied to your entity will be stated in your Notice of VAT Registration once registered.

 

Remember

 

If you choose to register, you will have to carry out all the duties of a vendor. For example, you will have to charge VAT, submit returns, make VAT payments on time, and keep proper records for at least five years. If you decide to register, remember that you can only charge VAT on taxable supplies. You may not charge VAT on supplies that are exempt from VAT or supplies which fall outside the scope of VAT. (These are supplies that are not in the course or furtherance of your “enterprise”)

 

 

For more details on VAT Registration visit:

 

VAT: https://www.sars.gov.za/types-of-tax/value-added-tax/ 

 

GETTING READY FOR VAT: https://www.sars.gov.za/types-of-tax/value-added-tax/getting-ready-for-vat/

 

TAX PERIODS FOR VAT VENDORS: https://www.sars.gov.za/types-of-tax/value-added-tax/tax-periods-for-vat-vendors/

 

VAT REGISTRATION: https://www.sars.gov.za/businesses-and-employers/my-business-and-tax/register-for-vat/

 

VAT REFUNDS: https://www.sars.gov.za/types-of-tax/value-added-tax/vat-refunds-for-vendors/

 

SEARCH / VERIFY A VAT NUMBER: https://secure.sarsefiling.co.za/vatvendorsearch.aspx

 

FAQs FOR VAT VENDORS: https://www.sars.gov.za/types-of-tax/value-added-tax/faqs-for-vat-vendors-on-tax-relief/

VAT Registration Service

Book Appointment with SARS:   https://tools.sars.gov.za/SARSeBooking

 

Efiling - https://secure.sarsefiling.co.za/app/login 

 

Request Public Officer:

https://tools.sars.gov.za/SOQS/?queryType=12&querySet=12&channelId=1&addParams=

 

Transfer Tax Types: https://secure.sarsefiling.co.za/app/profileTaxType/taxTypeActivation

 

What is my Tax Number:   https://tools.sars.gov.za/SOQS/?queryType=11 

 

CIPC - http://www.cipc.co.za/za/

 

Department of Labour:  https://www.labour.gov.za/

other useful links 

 

Book Appointment with SARS - https://tools.sars.gov.za/SARSeBooking

 

Efiling - https://secure.sarsefiling.co.za/app/login 

 

Request Public Officer - https://tools.sars.gov.za/SOQS/?queryType=12&querySet=12&channelId=1&addParams=

 

Transfer Tax Types - https://secure.sarsefiling.co.za/app/profileTaxType/taxTypeActivation

 

What is my Tax Number - https://tools.sars.gov.za/SOQS/?queryType=11 

 

CIPC - http://www.cipc.co.za/za/

 

Department of Labour - https://www.labour.gov.za/