Set up VAT on your iKhokha profile
- iK Dashboard
If you're a VAT-registered merchant, turn on VAT, add your VAT number and understand what changes for your transactions, receipts and existing catalogue items.
Use this setting if your business is VAT registered. Once it is on, iKhokha applies VAT to your transactions and customer documents, so every transaction shows a VAT portion.
This setting does not tell you whether your business should register for VAT or how to file with SARS.
What is VAT?
VAT, or Value Added Tax, is a 15% tax charged on most goods and services in South Africa. Some goods are exempt from VAT.
Before you turn on VAT
Have your correct VAT number ready, and make sure you're signed in to the iKhokha profile for the business that is VAT registered.
If you need help confirming your registration status, VAT obligations or tax return, speak to SARS or your tax adviser before changing the VAT setting.
Turn on VAT
Sign in to the iK Dashboard.
Select your name, or the down arrow next to it, in the top-right corner.
Select Profile.
Open Business details.
Switch VAT Registered on.
Once VAT is on, it is calculated on all your transactions, both card machine and online payments, and shows on all receipts and reports. It is also applied to new items you add to your products and services catalogue.
Some business details may be read-only. If a business detail needs to be corrected, contact iKhokha Support instead of creating another iKhokha profile.
Add your VAT number
When you switch VAT Registered on, the Add VAT Number window opens.
Enter your business's VAT number. It must be 10 digits and start with 4.
Check every digit.
Save it.
What happens after VAT is turned on?
VAT is calculated on your transactions and shown on receipts and invoices.
Your VAT number shows on customer-facing documents.
The VAT portion of each transaction shows in your expanded statement.
When you ring up a sale, enter the price including VAT. The VAT portion is worked out from that total. For example, on a R115.00 sale, your receipt shows R100.00 excluding VAT and R15.00 VAT.
Keep accurate tax records for your business.
Update your existing products and services
Products and services you created before turning on VAT don't automatically have VAT applied. To add VAT to an existing item:
Under Manage, go to Store > Catalogue management.
Find the product, select Actions, then select Edit product.
Scroll down and select Include VAT in this product.
Save your changes.
Do this for each existing item that should include VAT. Check new items before you sell them, as some products may be exempt from VAT.
For more on editing items, see Manage your products and services.
VAT on iKhokha fees and tax invoices
To learn how VAT applies to iKhokha transaction and payout fees, see Understand your transaction rates and fees. To download your monthly iKhokha tax invoices, see Download your iKhokha tax invoices.
Changing or removing VAT details
If you're no longer VAT registered, follow the same steps and switch VAT Registered off in Business details.
If your VAT number needs correcting after setup, contact iKhokha Support on 087 222 7000 or support@ikhokha.com.
