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?
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 email@example.com and we can send you a copy.
Tsheposays: 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?
TaxTimsays: 5 May 2014 at 16:40
You would choose the category for 2 month returns. You can apply before 12 months is up.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.