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Deprecated: Freemius::_activate_addon_account(): Implicitly marking parameter $bundle_license as nullable is deprecated, the explicit nullable type must be used instead in /home/demowildlykreati/public_html/oldcpm/wp-content/plugins/add-search-to-menu/includes/freemius/includes/class-freemius.php on line 18280

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{"id":6168,"date":"2023-02-28T08:40:53","date_gmt":"2023-02-28T06:40:53","guid":{"rendered":"http:\/\/www.capepreciousmetals.com\/?p=6168"},"modified":"2023-02-28T08:46:17","modified_gmt":"2023-02-28T06:46:17","slug":"vat-obligations-for-smmes-news-from-sars","status":"publish","type":"post","link":"https:\/\/demo.wildlykreativ.com\/oldcpm\/2023\/02\/28\/vat-obligations-for-smmes-news-from-sars\/","title":{"rendered":"VAT obligations for SMMEs – news from SARS"},"content":{"rendered":"

\"VAT-obligations-for-SMMEs-article\"<\/p>\n

SMME clients please note an update from the South African Revenue Service related to VAT, as well as general tax affairs. We’ve summarised the below points from their newsletter, the full version of which may be found here<\/strong><\/a><\/span>.<\/p>\n

<\/p>\n

VAT OBLIGATIONS FOR SMMEs<\/strong><\/p>\n

1) REGISTRATION FOR VAT
\n<\/strong>A person engaged in any activity that results in income from the supply of goods or services may register for VAT. You are required to inform SARS within 21 days of any changes in your registered particulars, your representative, business address, banking details, trading name, or if you cease trading.<\/p>\n

Registration is compulsory if any of the following applies to your profits:
\n<\/strong>– R1 million sales for the last 12 months
\n– Will exceed R1 million \u2013 contractual obligation
\n– R1 million for non-resident suppliers of certain electronic services and intermediaries<\/p>\n

Registration is voluntary if either of the following applies to you:
\n<\/strong>– R 50 000 sales for the last 12 months
\n– Not yet made any taxable supplies, or who made less than the R50 000 threshold and is reasonably expected to meet the sales after a period of 12 months in terms of regulations.<\/p>\n

To prevent unnecessary registrations, costs and administrative burden, note that the following has been applied to non-resident providers of electronic services as well as their intermediaries (being resident or non-resident), where registration threshold is exceeded because of abnormal circumstances of a temporary nature:<\/p>\n

\u201cProvided that such person shall not be liable to register <\/strong>where the said total value of supplies made by that person has exceeded R1 million in any consecutive 12-month period as a consequence of abnormal circumstances of a temporary nature<\/strong>\u201d.<\/p>\n


\n2) DECLARATION\/ SUBMISSION AND PAYMENTS
\n<\/strong>VAT Registered SMMEs must submit a VAT Declaration (VAT201) form declaring the input and output tax of the goods or services rendered during a specific tax period. Vendors are encouraged to register for eFiling – an easier way to submit your VAT201 and which allows you to submit until the last business day of the month. Manual VAT201 submissions must be done by the 25th of the month.<\/p>\n


\n3) DEREGISTRATION
\n<\/strong>If you’ve ceased trading and need to deregister, you must submit either a written request to SARS by email (pcc@sars.gov.za if you are a Tax Practitioner, or contactus@sars.gov.za if you’re a taxpayer) or in person by appointment at a SARS branch.<\/p>\n


\nALL TAXPAYERS PLEASE NOTE:<\/strong><\/p>\n