WHAT YOU NEED TO KNOW ABOUT REGISTERING FOR VAT

When do you have to register:
When your turnover is R1 million or more or will reach R1 million for a 12 month period

When can you register:
When your turnover reaches R50 000 for a 12 month period.

What do you need the register:

• Bank account verified by SARS or confirmation of your bank account

• At least R50 000 worth of invoices issued to clients which corresponds to payments into your bank account

• Valid public officer if a company

• Proof of public officers address

• Proof of business address

• Certified ID of public officer

• Company CIPC documents

Current VAT rate:
The current VAT rate is 15% and it changed from 14% on the 1st of April 2018