PROBLEMS WITH VAT REGISTRATION? WE’LL TAKE CARE OF IT

Businesses’ VAT registration can be a daunting task for business owners as there are several regulations and factors to consider. If you find yourself wondering: “Should I register,” “How do I register,” or “What do I need to register,” you might benefit from the comprehensive tax consulting services offered by the MMS team.

According to SARS regulations, all businesses in South Africa need to register for VAT if their sales or turnover within any 12 consecutive months exceeds, or is likely to exceed, R1million. Businesses that invoice more than R50 000 in a 12-month period may register voluntarily.

If you would like assistance with your company’s VAT registration, and all other tax and compliance matters, you can count on MMS Cloud Accounting.

HOW DOES IT WORK?

For businesses in South Africa, VAT is levied at the standard rate of 15%. VAT is an indirect tax on the consumption of goods and services in the South African economy. There is, however, a limited range of goods and services that are exempt from VAT.

If you are planning on discontinuing your business, or your annual earnings are not exceeding R1million anymore, it is important that your VAT registration is cancelled, and that SARS is notified within 21 days. If not cancelled, you will remain responsible for your company’s VAT payments.


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WHAT DOCUMENTS DO I REQUIRE?

To register your business for VAT, the following documents are required:

  • Acceptance as Public Officer
  • Certified ID of Directors
  • Proof of Address (Company)
  • Proof of Address (Public Officer)
  • Tax compliance for all Directors
  • Signed & completed VAT101
  • CIPC documents – CoR 14.1 and CoR 14.3
  • Bank Statements
  • Proof of Turnover (Minimum of 3 invoices)
  • Appointment of Public Officer

Contact our team to ensure that your VAT and taxation compliance requirements are met in advance of all deadlines so that you are able to concentrate on managing, and growing, your business.

Contact us to find out more about how we can be of service.