Results 1 to 4 of 4

Thread: Delisting from VAT?

  1. #1
    Silver Member
    Join Date
    Sep 2008
    Location
    Cape Town
    Posts
    464
    Thanks
    81
    Thanked 69 Times in 62 Posts

    Delisting from VAT?

    When I had to register it was when my turnover would go over R1mill. Now, I am selling a shop and turnover will come way below R1mill - do I have to wait till year end or could I go deregister straight away? Would like to do it ASAP as I detest VAT....

  2. #2
    Bronze Member Elijah's Avatar
    Join Date
    May 2012
    Location
    Cape Town
    Posts
    129
    Thanks
    28
    Thanked 26 Times in 21 Posts
    Hi Pap_sak

    You dont have to wait until year-end. You need to fill-in a Vat123 form and fax it through, can check for the fax number if you need it.

  3. Thanks given for this post:

    Pap_sak (09-May-13)

  4. #3
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    Beware of "exit VAT" if you de-register. Especially VAT claimed on fixed asset acquisitions; these you would be expected to pay back to SARS.

  5. Thank given for this post:

    Dave A (10-May-13), Pap_sak (09-May-13)

  6. #4
    Gold Member Chrisjan B's Avatar
    Join Date
    Dec 2007
    Location
    GEORGE
    Posts
    610
    Thanks
    234
    Thanked 72 Times in 65 Posts
    I have also read somewhere that you then need to register for turnover tax, can the tax experts may enlighten us?

    BOVER Technologies
    - computer sales and TeamViewer support
    Elmine Botha Freelance Photographer - Photographer/ Videographer

Similar Threads

  1. VERIMARK DELISTING
    By Jacob Zuma in forum General Business Forum
    Replies: 1
    Last Post: 31-Aug-09, 11:38 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •