VAT Registration

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BDG2010

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Hi Guys,

What is needed for VAT registration for a new company? If i submit a business plan and budget that forcasts income of greater than R50 000 can i get VAT registered?
 
I looked into this a few years ago - AFAIK, VAT registration is optional (but not disallowed) under a certain revenue threshold (obviously, it's required if you are over it). Speak to your accountant - he should know the exact rules, and will probably be able to do the registration for you as well.
 
VAT registration is optional if turnover is projected below R1 mill pa
 
getting it is an absolute pain in the ass. be warned.
They actually come round and do an audit to make sure you exist and are not trying to rip them off.
Otherwise, all good!

Good luck
 
And they wont do it on forecasts, certainly not if you do it yourself. If you get a tax practitioner to do it for you, you have a chance of them doing it, but even then, they want three months bank statements at least.
 
Thats a pain in the ass. Im planning on organising an expo and i dont see any exhibitors renting out space if im not VAT registered. I guess i can always tell them im awaiting my VAT number and they will recieve that when i do.
 
Had a meeting with my new accountant last week and he said that for VAT registration, you will need R50000 of physical invoices before you can register so doubt if you can register with a business plan alone.
 
More or less a checklist for registration:

1. VAT101e application form
2. Company details (CIPRO/CIPC)
3. Certified ID documents of members/partners
4. 10x invoices from company to clients
5. Banking details (cancelled cheque/original letter)
6. 3 Months bank statements
7. Copy of municipal account - company
8. Copy of municipal account - individials/members/partners
 
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