First VAT returns are free of charge!
A business may also choose to register voluntarily for VAT if the value of taxable supplies made or to be made is less than R1 million, but has exceeded R50 000 in the past period of 12 months. However, it becomes mandatory if the total value of taxable supplies made in any consecutive twelve-month period exceeded or is likely to exceed R1 million
The advantages of Registration for VAT:
- Starting out as a small business or new company can be tough, to compete against the big players. Registering your business for VAT gives the impression that your business is organised.
- Many suppliers and organisations are unwilling to do business with companies and SMEs that aren’t VAT registered. With a VAT registration number, it becomes easier to deal with external businesses.
- Another advantage of VAT registration is the ability to claim VAT on goods and services purchased from and for your business.
- VAT registration means you’ll get a VAT registration number for your business which you can put on your website and company profile.
- Company registration documents
- Copies of the director’s identity document (please send clear, uncertified scans)
- Invoices issued to clients by you exceeding R50 000 in total
- Bank statements for the past three months preferably showing payment of the above invoices
- Director’s proof of residence
- Company’s proof of business location