Frequently Asked Questions
Why do I need Annual Financial Statements?
Companies need to submit compulsory Annual Financial Statements to SARS on an annual basis, when submitting the income tax assessment.
The bank will also require Annual Financial Statements of the company, if you apply for a loan or need to finance assets.
When do I need to register for Value Added Tax (VAT)?
It is mandatory for a business to register for VAT if the total value of taxable supplies made in any consecutive twelve month period, exceeded or is likely to exceed R1 million.
A business may also choose to register voluntarily for VAT if the value of taxable supplies made or to be made is less than R1 million, but has exceeded R50 000 in the past period of 12 months.
When should the VAT be paid?
For businesses that file their VAT returns and make payments electronically using credit push on e-filing, the VAT must be paid by no later than the last business day of the month after the end of the tax period.
For all other businesses, the VAT must be paid by no later than the 25th day after the end of the tax period.