Should You Stay VAT Registered? Insights for Small Business Owners
· 19 min
Episode Should You Stay VAT Registered? Insights for Small Business Owners
In this episode of the Maya on Money podcast, host Maya Fisher-French discusses the recent changes affecting small business finances following the national budget announcement. With the VAT threshold and turnover tax limits both increased to R2.3 million, Maya unpacks what this means for small business owners and whether they should consider deregistering for VAT.
Joined by Seelan Muthayan, director and head of VAT at BDO, they explore the pros and cons of remaining a VAT vendor versus deregistering, emphasising the complexities involved in VAT returns and the potential impact on cash flow. Seelan shares valuable insights on the implications of deregistration, including the risk of audits and the perception of reliability among clients.
Key topics discussed include:
- The implications of the increased VAT threshold for small businesses
- Pros and cons of deregistering for VAT
- Understanding turnover tax and its eligibility requirements
- Common pitfalls in claiming home office expenses and how to navigate them
- Advice on maintaining compliance with SARS and preparing for future audits
This episode includes essential information for small business owners looking to optimise their tax strategies and navigate the evolving financial landscape. Tune in to gain clarity on these significant changes and make informed decisions for your business.
Links in the notes 1
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