Whether your business is trading as a Close Corporation (CC), sole proprietor or private company, there are various tax requirements you have to meet and one of these could be value-added tax (VAT).
If your annual turnover is likely to be in excess of R1 million per year, by law you must register for value-added tax. Small retailers with a turnover of more than R300 000 per annum, must also register. Although this will add to your administration workload, it can also benefit your company in that you’ll be able to claim VAT back on your expenses.
PRS Management CC accounting firm based in Roodepoort Gauteng will assist you in handling all your VAT administration.