Should you register for Vat? You must register if you meet this one basic requirement

Simangele Mzizi, Fsp Business, 06 Oct. 2014

Tags: vat registration, requirements for vat registration, vat registration requirements

Business owners often don’t know what types of entities should register for Vat.

If you’re one of these business owners, what we can tell you is operating an enterprise is a basic requirement for Vat registration.

If you’re thinking to yourself, “how do I determine if I run an enterprise?” we’ve got you covered.

Keep reading to discover four ways you can tell if you run an enterprise so you can register for Vat.

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Here are the four ways you can tell if you run an enterprise

The best way to tell if you run an enterprise is to answer the four questions below. If you answer “yes” to all of them, your business is an enterprise and you must register for Vat.
Here are the questions:
  1. Does your business carry on any activity where you supply goods or services?
  1. Does your business carry on this activity on a continuous or regular basis?
  1. Does your business carry on these activities in SA (or partly in SA if it’s a foreign business)?
  1. Does your business receive consideration for the supply of your goods or services (this need not be only money, but could be on a barter transaction, for example)?
Please bear in mind, these questions apply to businesses operating to make a profit as well as non-profit organisations.
Congratulations if you answered “yes” to them, you run an enterprise and must register for Vat.
PS: Operating an enterprise is one basic requirement for Vat registration. There are four other requirements you need to know about and so much more to Vat registration. That’s why we recommend you checkout The A-Z of Vat Registrations E-report.

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