Registration and Monthly Obligations

It is MANDATORY for all businesses to register for VAT if the income earned in any consecutive twelve month period exceeded or is likely to exceed R1 million.

A business may also choose to register voluntarily if the income earned, in the past twelve month period, exceeded R50 000.

The VAT Cycle – VAT Return Submissions and Payments

The frequency with which you have to pay VAT to SARS depends on what “taxable period” you qualify for.

A VAT201 return must be submitted within 25 days of the end of each VAT cycle or the business can face penalties and interest on late submission.

For businesses that file their VAT returns and make payments electronically, the VAT must be paid by no later than the last business day of the month after the end of the tax period.

For all other businesses, the VAT must be paid by no later than the 25th day after the end of the tax period.

How we can help you

We will make sure you are registered for VAT if necessary.

We will help you prepare your VAT201 returns when required (usually every 2 months).

We will submit all VAT returns on time.

We will let you know in good time how much VAT is payable and by when so that you can plan your cash flows properly – we all hate nasty surprises.