Accounting and Tax
All news related to SARS processes.
If a company is registered for PAYE, it has to submit a PAYE recon every 6 months. The purpose of a PAYE recon is to make sure that all the PAYE, i.e employee tax deducted from employees were paid over to SARS. The PAYE recon includes the period from 1 March 2022 to 31 August 2022.
The deadline for the PAYE recon to be submitted at SARS is 31 August 2022.
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If you have a company, it is very important to ensure that the income tax returns are up to date at SARS. SARS has started giving penalties for all companies with outstanding tax returns.
The penalty is R250 per month, per return outstanding. This means that the amount can accumulate quickly into a big SARS debt.
Companies have to submit tax returns, even if they have not traded. They have to declare on the tax return that the company is dormant.
If you have claimed home office expenses on your personal income tax return at SARS, chances are very good that the tax return has been selectred for audit.
SARS is very strict this year with relation to the expenses they allow. In most cases, they need a letter from the employer confirming that you are allowed to work from home, a photo of the workspace at home etc.
This leads to a delay in refunds being paid out. And in general, SARS is very slow with reviews and audits this year.
Contact us today if you need assistance with your tax audit/review.
Contact us if you need to submit your 2023 personal income tax return. Wecan also assist with audits and reviews. We can also assist if you disagree with your assessment and need to do a dispute.
Contact us today to get a quote for a comprehensive monthly accounting package. This includes VAT return submission and payroll if applicable.
We offer the following accounting and payroll services.
All companies with a February year end have to submit a provisional tax return before 31 August 2022 to avoid penalties. Sole proprietors also have to submit a tax return to SARS.
This provisional tax return, or IRP6 is based on the figures from 1 March 2022 to 31 August 2022. The company has to submit a return even if it did not trade during the period under review.
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All companies with a February year end have to submit a provisional tax return by 31 August 2022.
This return will include the estimated income for the period ending 28 February 2023. This will be the first provisional tax return for the 2023 financial year.
It is important to note that you have to submit a return, even if the company did not trade during the period under review.
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Please note that the 72 hours period for refunds to be paid out, as communicated by SARS has been delayed. Read the article below for more details.
SARS refunds: Expect to wait longer than 72 hours for your money (msn.com)
