VAT registration | Comprehensive taxation services
South African tax laws may seem incomprehensible for those unfamiliar with its intricacies. Though, there are certain rules and regulations that need to be considered when a business is preparing for VAT registration. At MMS Group, we offer professional tax services suited to both individual and business requirements. Our equipped and experienced team can assist with Value Added Tax (VAT) registration and meeting tax deadlines to ensure compliance.
When to register for VAT
Business VAT registration is required if the value of taxable goods or services offered exceeds R1 million within any 12-month period. By law, such businesses need to complete a VAT 101 – Application for Registration form and submit it to a local SARS branch within 21 days of exceeding this outlined amount. If your business’ monthly revenues in the past 12 months exceeded R50 000, you can register for VAT voluntarily.
All VAT returns and liabilities should be paid in alignment with the tax period that is allocated to your business. Most often, payments must be submitted on or before the 25th day after the indicated tax period has ended. Staying compliant and meeting these deadlines is in your company’s best interest to avoid the harsh penalties and interest that can result from late payments.
When attempting to register your business for VAT, there are several requirements to be met, which include:
- Your business should be registered with the Companies and Intellectual Property Commission (CIPC).
- You should have a business bank account that is solely for business transactions, devoid of personal transactions.
- You should have proof of trading history, which will include invoices sent to clients for products sold or services rendered.
Documents required for the registration process include:
- A copy of your Certificate of Incorporation
- A copy of Trust Deed and Authority Letter
- A copy of your original ID
- Letter from bank or stamped statement from bank
- Recent invoices as proof of trade history
- Proof of address – this could be a recent municipal account or your rental agreement
To make this process hassle-free, our team offers to take care of your company’s VAT registration on your behalf. We take responsibility for acquiring all the necessary documents and making sure that the registration requirements are met. Additionally, we will also represent your business in the VAT registration interview conducted by SARS.
Why rely on MMS for all your tax requirements?
When relying on our team for your taxation requirements, from your VAT registration to your income tax submissions, you can rest assured that all deadlines will be met. We guarantee expertise, precision and dedication for all services provided, whether completed for an individual or company.
Our tax services are comprehensive, and our tax consultants can provide advice and insights tailored to your industry, type of business or individual tax situation. The benefits of using our services include:
- Tax Preparation and Compliance – ensuring corporate, partnership, and individual filings are timely, complete and accurate.
- Audit Representation – resolving tax notices, addressing tax audits and appealing positions with national and local tax authorities.
- Tax Law Changes – keeping you abreast of all the latest relevant changes in legislation.
- Advance Rulings – preparing documents and negotiating with SARS to facilitate decisions prior to financial transactions.