If your business turnover exceeds R30 million per annum, or is reasonably expected to exceed R30m then you need to submit monthly VAT returns to avoid penalties from SARS.
As per Category C, VAT vendors with a turnover of more than R30 million per annum must submit their returns monthly, submitting 12 VAT returns per annum. However if the turnover of VAT vendors, that were a Category A or B, increases and exceeds R30 million per annum then the vendor needs to notify SARS in writing. If the VAT vendor fails to notify SARS, SARS will raise an interest charge and a 10% late penalty.
Speak to us at Professional Accountants & Tax Consultants. We’ll work closely with you to make the most out of your monthly returns, saving you time and money.