Taking a Look at VAT Registrations
When you register your new business, you will have the option of registering for VAT, as well as other tax types. It might sometimes be a bit confusing to handle, especially if you are new to business and VAT registrations. This is why it might be a good idea for your accounting team to handle it on your behalf.
VAT registrations are optional for some companies, depending on the type of business you have and your annual turnover. It is mandatory to register for VAT if your income exceeds, or is likely to exceed R1 million in any consecutive 12-month period. You may also register voluntarily if your income in the past 12-month period exceeded R50 000. This can be done in person, or you can have your accounting team take care of this on your behalf. VAT registrations are not compulsory for every business, but it might be beneficial to register.
In addition to your VAT registration, there are also other aspects to consider when you register a new business for the first time. You need to determine the type of tax that you need to register for, as well as the amount of tax that you are likely to pay. Your accounting team can help you with this, as they know exactly how to determine the right tax type for you and process the registration for you. Working with SARS is not always easy, as there are a lot of requirements and paperwork involved, which can be confusing to some.
When you have finalised all your registrations, you also need to make sure that you have reliable accounting services available. Taxleaders.Net can help you with your day-to-day bookkeeping, as well as your monthly accounting and your payroll services. This is a great help for small businesses, as it is much more affordable to have your work outsourced to another team, than having to hire your own employees in-house. We work with you to ensure that your payroll is done on time and that your employees’ pay sheets are prepared properly. We can also handle all the deductions like PAYE and UIF on your behalf.
Taxleaders.Net is a leading provider of accounting services, like VAT registrations, tax and secretarial services. We are based in Johannesburg and can assist customers throughout South Africa. Contact our friendly team today to find out how you can benefit from our taxation and secretarial services.