I am freelance video director/producer and am now getting work of my own. I hire items etc with vat on each job.. What do I need to do, register a cc, vat reg, and what is the tax requirement?

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Gavin_Tonks_facebook
Posted 3 months ago

You should not be charging VAT without a registered VAT number from sars. You must go and register for a number, it is unlikely to get one without a realistic turnover.



ExpTech_Beanie_twitter
Posted 3 months ago

You can only charge VAT if you are VAT registered with SARS. VAT registration is only compulsory with a turnover in excess of R5m pa. SARS is normally reluctant to register VAT vendors if their turnover is less than this.
You can no longer register a CC – only a private company, in terms of the new Companies Act, 2008. I would strongly recommend doing this, to keep your business assets, liabilities, income and expenses separate from your personal finances.
You will also need to register your business for income tax with SARS. This can be done as soon as you have a company registration number.

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