Results 1 to 7 of 7

Thread: VAT Registration Requirements

  1. #1
    Platinum Member AmithS's Avatar
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,215
    Thanks
    175
    Thanked 65 Times in 61 Posts

    VAT Registration Requirements

    Hello,

    Regarding VAT registration for businesses with turnover under R1 000 000 and over R50 000 in a 12 month period.

    Is the interpretation of the 12 month period - the businesses last financial year or the last 12 months at date of R50 000 cumulative turnover irrespective of financial year ending? (if this question makes sense)

    Thanks,
    Last edited by AmithS; 04-Aug-18 at 01:32 PM.

  2. #2
    Platinum Member AmithS's Avatar
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,215
    Thanks
    175
    Thanked 65 Times in 61 Posts
    Sorry should of mentioned I am referring to the voluntary registration for turnovers over R50 000

  3. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    21,392
    Thanks
    3,100
    Thanked 2,494 Times in 2,098 Posts
    Blog Entries
    12
    My understanding is it's any consecutive 12 month period. However, the position becomes glaringly evident when one examines the financial statements.
    The trouble with opportunity is it normally comes dressed up as work.

    Alcocks Electrical Services | Alcocks Pest Control & Entomological Services

  4. #4
    Platinum Member AmithS's Avatar
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,215
    Thanks
    175
    Thanked 65 Times in 61 Posts
    Thanks Dave, Any idea if you only start charging\paying\submitting VAT once your registration is finalised by SARS or will it be back dated for the full financial year.

    Reason I ask with one VAT reg many moons ago I remember SARS sending a whole lot of returns to be completed for the previous months of the financial year. Or if this does happen do you just complete them as nil returns and only work from the registration date?

  5. #5
    Silver Member
    Join Date
    Feb 2016
    Location
    Johannesburg
    Posts
    322
    Thanks
    22
    Thanked 83 Times in 74 Posts
    The application form requires that you state from which date you are to be a VAT vendor and you then submit for the designated periods from that date.

  6. Thanks given for this post:

    AmithS (05-Aug-18)

  7. #6
    Platinum Member AmithS's Avatar
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,215
    Thanks
    175
    Thanked 65 Times in 61 Posts
    Thanks Andromeda, do you exclude VAT from supplier invoices (expenses) for accounting purposes irrespective if you VAT registered or not?

  8. #7
    Silver Member
    Join Date
    Feb 2016
    Location
    Johannesburg
    Posts
    322
    Thanks
    22
    Thanked 83 Times in 74 Posts
    Hi

    No. In simple terms once you are VAT registered, (Expense + VAT) = what you paid, or what you owe.

    When you are not VAT registered Expense = what you paid, or what you owe.

    By implication your expenses and merchandise are 15% more expensive to you, if you are not registered.

  9. Thanks given for this post:

    AmithS (05-Aug-18)

Similar Threads

  1. [Question] Any registration requirements to start a Club?
    By ugogo in forum Entrepreneurship and Business Management Forum
    Replies: 6
    Last Post: 28-Apr-18, 09:01 PM
  2. Replies: 3
    Last Post: 07-Aug-12, 12:43 AM
  3. coc requirements
    By murdock in forum Electrical Contracting Industry Forum
    Replies: 4
    Last Post: 15-Feb-12, 07:49 AM
  4. UIF requirements?
    By Nomad in forum Labour Relations and Legislation Forum
    Replies: 5
    Last Post: 02-Feb-11, 04:01 PM

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
  •