Learn if your business qualifies for VAT exemption and get all the details on how to apply with this clear and concise guide.
When it comes to VAT registration, certain products and services are exempt. If your company deals exclusively in these items, it will be classified as VAT exempt.
This means you won't be able to recover VAT on any expenses related to making VAT-exempt sales, such as VAT on your accountant's fees.
In this article, we'll help you understand VAT and cover the following topics:
- What is VAT?
- VAT exempt items in South Africa
- Partial exemption
- What is the zero-rated VAT
- What is the difference between VAT exempt and zero-rated VAT?
- Who should register for VAT?
- When to register for VAT
- Compulsory VAT registration
- Voluntary VAT registration
- Small business VAT registration
- How to file for VAT exemption
- Managing your VAT payments with QuickBooks VAT Tracking Software