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TOPIC: vat registration

vat registration 10 years 3 weeks ago #2025

  • Nadia
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I want to sell handmade crafts on my website, is there a limit of earnings before you have to register for vat?
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Re: vat registration 10 years 3 weeks ago #2034

  • Carl Muller
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You need a permanenet turnover of R1Million before you can worry about that. You don't have to register for VAT the moment you go over but wait till you see it will stay there.
Remember VAT is a slep, then you have to submit and pay over every 2nd month thereafter.
Once you are registered if you do not submit or pay you might get in gig trouble.
Stay away as along as you can.
Last Edit: 10 years 3 weeks ago by Carl Muller.
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Re: vat registration 10 years 2 weeks ago #2050

Unless it's demanded by your clients. A lot of corporates demand it. you can request to do returns every 4 months - hepls with the cash flow:)
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Re: vat registration 10 years 2 weeks ago #2068

It may only be to your benefit to register your business is you buys large quantities of goods from suppliers, which would entitle you to claim back the VAT you pay.
Keep in mind that you would have to increase your prices by adding VAT, which could make you more expensive than your competitors.
You must also consider the fact that being a vendor would result in in additional administration and possible cost in that you would required to keep proper accounting records to submit returns to SARS on a regular basis.
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