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Voluntary VAT registration

Posted 4 May 2014 under Tax Questions



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My business has been operating for 3 months and I have managed to supply taxable goods to the value of R50 000. Can I register for VAT voluntarily or the business needs to be operating for at least 12 months? Will SARS accept invoices as proof of turnover even though I have not received most of the payments into my account, will I also need to give SARS a copy of my bank statement upon application?

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TaxTimTaxTim says:
4 May 2014 at 20:26

You can register voluntarily, you will however need to show invoices regardless of whether you have received payment. You will need to complete a VAT101 from which can be found on the SARS website or you can email tim@taxtim.com and we can send you a copy.


Tshepo says:
4 May 2014 at 20:44

Thank you, so the fact that I have been operating for just 3 months won't be a problem? The requirement on the SARS says 12 months, just wanted to make sure if it's 12 or less consecutive months. Do I choose the category that I want to fall into because the vat 101 gives you the portion to choose from monthly to yearly returns, I thought SARS normally assigned this?


TaxTimTaxTim says:
5 May 2014 at 16:40

You would choose the category for 2 month returns. You can apply before 12 months is up.


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