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TOPIC: Input or Output tax.

Input or Output tax. 3 years 2 weeks ago #4158

  • Janet
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I registered a company in November 2013 and in July 2014 I applied for voluntary VAT as the company exceeded R50000 threshold. When I registered for VAT they stated it is effective from the date that I registered the company. I now have to do the VAT from Nov 2013 up to date. I want to know for the months I did not charge VAT must I make the Input and Output on the VAT form a 0 (zero) or do I still include the tax I paid to suppliers?
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Input or Output tax. 3 years 1 week ago #4191

  • Matthew Haddon
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Hi Janet

You only claim and charge vat for the period you are liable from. For the periods from nov 2013 to july 2014 complete nil returns. Sars will most likely audit you and you will be able to then tell the assessor the situation. they are vey fair and you will probably be surprised how quickly they sign off on your audi.
This is fairly common since sars started automating their processes to start charging admin penalties. I would not leave this. Rather put in the returns.

If you want to discuss it in more detail feel free to call me on 0734398384.

Good luck,
Matthew
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Input or Output tax. 3 years 1 week ago #4202

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Thank you for your response Matthew, I phoned SARS and explained the situation to them and they also advised me to put nil on the returns. I appreciate your assistance and advise. Are you an accountant, seems I might need one in the future :laugh: (I am trying my luck with these things but as the business grows, I can foresee that my luck will run out :laugh: )
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Input or Output tax. 3 years 6 days ago #4203

  • Matthew Haddon
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Hi Janet
I am a tax practitioner but i offer all the auxiliary services you get from an accountant too so a small business one stop shop so to speak, only much cheaper:)

I am glad the advise help even if it was a bit late. Nice to know SARS gave you the same advise too. Thanks for letting me know.

If you ever need advise or to increase your "luck" as you put it please feel free to call. Advice is free, it's the admin that costs so I'm happy to talk you through things if it will help save you a little money. Us small businesses have to stick together if we all want to make it.:)

cheers,
Matthew
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Input or Output tax. 3 years 6 days ago #4204

  • Janet
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Thank you Matthew, I am saving your number - Hopefully I don't become a nuisance haha..

I agree small businesses needs to stick together, the first few years are make or break. We appreciate your assistance.
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Input or Output tax. 3 years 6 days ago #4205

  • Matthew Haddon
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I am happy to take your call if and when.

All the best.
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