When you start a new business there are some SARS registrations to consider. Not everything might be applicable to your start-up business, but we will explain some of the various tax below.
Every entity need to register for income tax and provisional tax. Individual do have a few exemptions.
Contact us here is you need to find out more about an individual's income tax registration.
PAYE or Employees tax registration:
A business need to register for PAYE or employees tax as soon as its employees earn more than the tax threshold for the specific financial year. Directors that draw a monthly income also need to pay monthly employees tax. Further you need to submit all UIF contributions on the same monthly statutory return.
Read more about PAYE registration requirements - click here
A business need to register for SDL (Skills Development Levy) when its gross remuneration exceeds R 500,000 per annum.
VAT registration :
An entity need to register for value added tax when its turnover exceeds R 1 million per annum. You can voluntary register when the business turnover is R 50,000 or more per annum.
Read more about VAT registration requirements - click here
We will gladly assist you with this application processes.
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