What is Vat Registration?
VAT registration is the process of listing your business with the government as active in production and sales. After a business registers for VAT, it’s able to reclaim any VAT paid on company purchases and becomes responsible for: Charging VAT on any goods or services sold (and charging the right amount!)
How Much Is Vat Registration In south Africa
15%
VAT is an indirect tax on the consumption of goods and services in the economy. Submit the registration form to your local SARS branch within 21 days from date of exceeding R1 million. VAT is levied at a standard rate of 15% on the supply of goods and services by registered vendors.
Who should register in VAT?
You must register if: your total VAT taxable turnover for the last 12 months was over £85,000 (the VAT threshold) you expect your turnover to go over £85,000 in the next 30 days.
How much does it cost to get VAT registered?
There is no VAT registration cost: you can use an accountant to complete your return, or file it yourself. Before you begin, you will need the following information to hand in order to register for VAT: National Insurance (NI) number or ‘tax identifier’ – a unique taxpayer’s reference.
Do small businesses pay VAT in South Africa?
It is mandatory for any business to register for VAT if the income earned in any consecutive twelve month period exceeded or is likely to exceed R1 million. Any business may choose to register voluntarily if the income earned, in the past twelve month period, exceeded R50 000