SARS
- PJ
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SARS
11 years 8 months ago
Since the changes regarding VAT recovery, has anyone been able to secure refunds? I have significant oustanding amounts, with not much feedback from my service provider
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- Dave Scott
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- neigh
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Re: Re: SARS
11 years 8 months ago
I might be mistaken, but with the VAT one needs to have a turnover of more than R50 000 a year or your account is "frozen". If you show a loss for three or more years your Tax deductions are "Ring Fenced" and the loss is not paid out to you any more. However that loss does stay as an accumulative total against your name/cc/business (depends under what you registered) at SARS. This will be then off-set in the future against any possible profits. They are still paying VAT out to me.
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- Richie77
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Re: Re: SARS
11 years 8 months ago
VAT and Income tax are 2 seperate taxes Neigh. Income tax losses can be ring fenced but not VAT.
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- neigh
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Re: Re: SARS
11 years 8 months ago
Thats what I said, maybe not very clearly. VAT you need a turnover of R50 000 or more to go through your account or SARS will freezes your VAT claims. If you claim for losses (for three years ) your Income Taxes are ring fenced. Hope that makes it clearer ?
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- Richie77
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Re: Re: SARS
11 years 8 months ago
Yeah it does. And no you dont need R50k to go through your account. Annually you need R1mil turnover. THe R50k comes in with new registrations.
I didn't choose the #puntlife, the #puntlife chose me!
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- neigh
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Re: Re: SARS
11 years 8 months ago
I have it the other way round. To get a VAT number you need to do 1mil turnover and there after a minimum of R50 000 annually or it will be frozen. Thats what my accountant told me not so long ago. The problem is most people that are VAT registered dont give up the zero VAT income from wins (nul VAT) and then never do a turnover of R50 000 annually, giving rise to their VAT claims not being paid out. Richie I wont put my head on a block bud, but this is how I understand it.
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- Tim
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Re: Re: SARS
11 years 8 months ago
Where annual turnover R1 million or more - mandatory registration
Where annual turnover R 50,000 or more - voluntary registration
SARS can deregister if they deem you to have ceased trading
Where annual turnover R 50,000 or more - voluntary registration
SARS can deregister if they deem you to have ceased trading
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- neigh
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