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Business911 says: 8 April 2016 at 17:07 Myself and my associates have just opened a restaurant. We formed a new company for this restaurant and spent R1. 2m on installations. It has been trading for approximately 5 weeks and has done about R600K in turnover. We are expecting to surpass the R1m VAT threshold sometime in April. We have already put in our registration application for VAT however we have not yet received our number, which might take a few more months. While we are waiting, what should our invoices to clients look like? Should we label them as tax invoices and charge VAT, or just "invoices" and not charge VAT? At the moment they are pro-forma invoices with the VAT amount stated as we are expecting to pay all the VAT over later. |
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TaxTim says: 11 April 2016 at 7:17 It would be best to present pro-forma invoices until the VAT number is issued and then you can reissue them. |
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