All the frequently asked questions about bookkeeping and accounting
Here we will try to answer any question you might have about our website or services, if you cannot find the answer to your question here you are more than welcome to send us your question, and we will get back to you with an answer as soon as possible!Discover more about us
Should I register for Vat?
If your turnover exceeds R1 million in any 12 month period it is compulsory to register for Vat. Note the turnover requirement is not for a financial year, but for a 12 month period. You should therefore check your turnover every month.
You can still register for Vat if your turnover is below R1 million per annum. You need to decide whether it is worthwhile to do so. If most of your clients are not Vat registered it may not be as your prices will simply become more expenses because they cannot claim the input Vat.
of your clients are Vat registered and you can claim Vat on the majority purchases
and expenses, it may be worthwhile to register
It depends. You need to take risks into account, who you do business
with and the tax rates applicable to each vehicle used. One vehicle may have
several tax benefits compared to another.