SARS wants to change VAT forever

[EmmanuelGoldstein]

@warrenpridgeon best advice I was ever given was to delay registering for VAT until it's not possible to do anymore.
Also, you're doing quite well then to be paying VAT every month. Hope you're not working your employees too hard and flaying their arses with the whole taskboard / agile / scrum whatsamajigger

 

[warrenpridgeon]

@warrenpridgeon best advice I was ever given was to delay registering for VAT until it's not possible to do anymore.
Also, you're doing quite well then to be paying VAT every month. Hope you're not working your employees too hard and flaying their arses with the whole taskboard / agile / scrum whatsamajigger

That is definitely solid advice because it's a pain... and in a business like mine where the main expense is salaries you basically "lose out". I had to renegotiate and start charging more to earn the same once I became VAT registered.

By some measures I'm doing well... by others not. I don't currently have employees. I got VAT registered a few years back when I did have an employee that was placed at a customer full time... bro earned more than me XD.

When I have had employees I've paid them more than they asked. I even paid for incomplete projects when I contracted in a graduate to do some stuff.

I'm definitely AGAINST flaying employees because I had that done to me in the past. When I get to big enough to have employees again they will be measured on "are you getting your kak done?" not whether they are spending 8 hours in a seat all day.

 

[DreamKing]

how to deregister the VAT when the company below the threshold of 2.4m annually?
my accountant doesn't want to do that because the company should be closed when applying for deregister the VAT.

any idea?

 

[Bad Ballie]

You are operating on a thin line if you have to manage your cash flow like that.

Given the state of the economy a very large number of small business live on that line.

 

[quovadis]

how to deregister the VAT when the company below the threshold of 2.4m annually?
my accountant doesn't want to do that because the company should be closed when applying for deregister the VAT.

any idea?

Fill in the form and send it in...

• the vendor no longer complies with the requirements for compulsory or voluntary registration;

^ probably this part. Bit ambiguous but it's probably interpreted as no longer meets the requirements.

Cancellation of VAT registration (Deregistration) | South African Revenue Service

A vendor’s VAT registration may be cancelled by the Commissioner or on written request by the vendor, if certain requirements are met.

www.sars.gov.za

 

[Swa]

Given the state of the economy a very large number of small business live on that line.

Indeed. To be competitive you need a thin margin and many businesses, including larger ones, close because of that at the first sign of trouble.