Im really hoping someone can help:
I own a small business that crossed over the R300 000 vat limit about a year ago. I have only recently woken up & realized that i was supposed to register for vat. sars has told me that i need to pay VAT in on all my sales since i went over the limit(even though i didn't charge VAT). this, combined with penalty & interest is a lot of money, enough to close me down...
one way out that i hoped would work, was to credit note all my sales and make new invoices out to my customers, with vat added on. I have spoken to my customers and most are happy doing this(as they are vat registered and will be able to claim it back) but i dont seem to be getting a solid answer from sars(when i call them they sometimes say yes, sometimes say no and so far nobody senior has gotten back to me) so i dont know if its possible to do it like this.
i read through the vat act(the part regarding invoices,credit notes & debit notes) and from what i can see i should be able to either credit note it and make new invoices, or make out a debit note?