TaxTim says: 4 March 2015 at 18:57 What is the turnover of the business? |
Jacques says: 5 March 2015 at 6:52 At the moment turnover is only around R20,000 per month but I anticipate that going up to R60,000 within the year. |
TaxTim says: 6 March 2015 at 8:28 You do not need to register for VAT as your turnover is less than R1m per annum which means you can also register for Turnover Tax and take advantage of those provisions. |
Jacques says: 6 March 2015 at 12:42 Thanks Tim. I understand I don't need to register for VAT. The thing is that I registered for VAT in 2008 so do I need to de-register from VAT or can I just register for turnover VAT THEN. |
TaxTim says: 9 March 2015 at 7:20 If this is a new company then there it would not have been registered yet, each company gets registered for VAT not the individual. |
Jacques says: 9 March 2015 at 16:10 Thanks so much. It is a new business. I thought I was registered as an individual because the business wasn't registered. So I will register for turnover tax then. Thank you again. |
TaxTim says: 10 March 2015 at 23:18 Only a pleasure! Remember the company is a separate entity and needs to be registered as such. |