VAT REGISTRATION
Will your business exceed a R 1 million turnover in the next 12 months? You need to register for VAT with SARS!
Any business that is likely to exceed a turnover of R 1 million in a period of 12 months, is obligated to register for VAT with SARS within 21-days from the date that the business exceeds the R 1 million mark.
But perhaps you’re not necessarily going to achieve that figure? You may still wish to register for VAT if your clients require or prefer this from you.
In both cases, we can help you with your VAT Registration, and any accounting or tax advice that you need to help you make the best decision for your business.
WHAT WE WILL NEED FROM YOU:
The original and a copy of an Identity document (ID)/temporary ID/passport/driver’s licence for the registered representative for your business.
Copy of proof of residential address of the registered representative for your business
Letter of appointment authorising the appointed representative for your business, to act as a Public Officer or minutes of the meeting where the resolution was made that the appointed representative should act as the Public Officer for your business.
Certificate of Registration of the Company; or Company’s Memorandum of Incorporation (MOI); or CK1/CK2 documents.
Proof of Residence (A Utility Account/Co-op Statement/Telephone Account/Medical Aid Statement/Mortgage Statement/Insurance Document).
Proof of Banking Details (Original stamped letter from the bank, or an original bank statement – neither should be older than three months).
UBUNTU EXPERT INSIGHT…
Your VAT Registration will have both advantages and disadvantages. Let’s take a look at some of them:
Advantages:
You’re a serious, trustworthy business:
Even if you earn less than R 1 million per annum, having a VAT Registration Number tells larger clients that you want to do business with, that you are stable and big enough to assist them.
Claiming VAT back:
If you have a capital-intensive business, your cash flow will take a lot of strain if you’re not a VAT vendor. A machine of R 10 000 will cost you an extra R1,500 in VAT, which you can only claim back if you’re VAT registered.
Disadvantages:
Cash-flow problems:
When you submit an invoice that includes VAT, you need to pay the stated VAT to SARS within two months of the invoice date – whether you have been paid or not.
More administration time and cost:
Managing VAT can be time consuming. For a small business, this can be a problem if you are not yet in a position to employ a dedicated and knowledgeable bookkeeper.
Need more advice like this? Set up a Professional Business Consultation with one of our Company Registration Specialists
APPLY FOR YOUR COMPANY VAT REGISTRATION NOW!
R 1,990 . 3 steps . 21-days . DONE!
R2390 – When public officer is not appointed
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Based in the Cape Winelands and serving all cities and towns in South Africa, Ubuntu Company Services provides small and medium size businesses with all their company registration and certification needs, aligned to the latest laws and the Companies Act of South Africa, as well as a wide range of business support services. Our processes are simple and straightforward, with all services provided online for your ultimate convenience.
10 Berman Street, Southern Paarl, 7624
CONSULTING HOURS
Book your online appointment with one of our specialist business consultants during these hours:
Monday - Thursday: 08h00 - 16h30 | Friday: 08h00 - 15h00| Saturday: Closed | Sunday: Closed | Public Holidays: Closed
Telephone: +27 (0) 21 100 4238 | Fax: +27 (86) 650 5802
Email: info@ubuntucompanyservices.co.za
