August and February are provisional tax months and everywhere we go we are bombarded with SARS advertising campaigns reminding you to submit your provisional tax return on time. These campaigns run by SARS are usually a very effective reminder for the majority of taxpayers to keep our taxes up to date. Then there are those[…]
1 July 2015 announced the start of the 2015 filing season for Individuals.
SARS introduced a new supplementary declaration – known as an IT14SD – in which the taxpayer is expected to reconcile its annual financial statements and tax return to other documentation previously filed with SARS with regards to, among others, VAT and Employees tax (PAYE). This may sound simple, but this is not an easy request for such a complex reconciliation.
Tax deductions have become a talking point ever since Trevor Manual’s 13-year term as Finance Minister. He introduced Capital Gains Tax and Residence Based Tax in an attempt to ‘spread it around.
Many businesses are classified or are being labeled as Small to Medium sized enterprises (SME’s). Do you however know that SARS has a specific tax incentive for Small Business Corporations and which businesses qualify.
Do you own, or have you ever thought of opening a guesthouse or bed and breakfast? The following special allowances might just give you the nudge you need. As a “Hotel Keeper” as defined in the Income Tax Act, you may claim a special allowance against your taxable income.
Value Added Tax (VAT), for most of the Small Business market is payable every second month, although certain exceptions do exist where businesses pay VAT on a monthly basis.
SARS has announced the opening of the 2013 Annual PAYE reconciliation filing season – All submissions to be made from 01 April – 31 May 2013. What does this process entail? All South African employers are required to reconcile and submit PAYE, UIF and SDL contributions for the period 01 March 2012 to 28 February[…]