Frequently Asked Questions

All the frequently asked questions about bookkeeping and accounting

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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.

If most of your clients are Vat registered and you can claim Vat on the majority purchases and expenses, it may be worthwhile to register

Should I register a company or do business in my own name?

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.