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Turnover Tax Exceeded limit

Posted 16 February 2016 under Tax Q&A


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Hannes says:
13 February 2016 at 21:41

TaxTim, I have a company registered for turnover tax. I Have the following questions please:

1 - What happens when you exceed the allowed R1m turnover in a tax year?
2 - Do you have to recalculate tax for the past year using the SBC Tax Tables?
3 - What about the VAT? I have not registered for or charged VAT, what will happen now that I've exceeded the R1m threshold. I thank you in advance for your support.

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TaxTim TaxTim says:
15 February 2016 at 4:47

When you have exceeded the R1m turnover you need to deregister for Turnover Tax and change to a normal Taxpayer as a company. You will have to register for VAT as you have exceeded the VAT threshold as well. In order to qualify as an SBC please go through our questions on Is my Business a Small Business Corporation?

Hannes says:
15 February 2016 at 7:12

Do I once deregisterred, have to pay Tax and Vat for the full year that passed or only for the portion exceeding the 1million threshold?

TaxTim TaxTim says:
16 February 2016 at 16:10

You will have to submit two separate tax returns, one to the date and then revert to a normal taxpayer after no longer qualifying as a Micro Enterprise.


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Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started