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STEVE said: 30 January 2017 at 16:01 I have started a shop from home for one year and will register my business only now in February? Is it important to keep the receipts for goods bought in order to file for VAT? Or must I only keep it from the day I am registered? I have kept a book of all my sales for the past year? Is it important for later use once registered? |
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TaxTim Alicia said: 31 January 2017 at 8:03 If your turnover is less than R50 000 you are unfortunately unable to register for VAT and can therefore not claim the VAT you paid back from SARS. You however need to hold onto all your invoices to proof the expenses you incurred as soon as you submit your first income tax return. |
