• SARS,  Tax

    Tax season 2022 has started

    SARS has started from 14 June 2022 with the auto assessments of some individuals. In the the case where SARS has done an auto assessment, the taxpayer will be notified via sms. This is why it is so important to update your contact details at SARS. This will ensure that you never miss a notification regarding your tax. Contact us for more details.

  • SARS,  Tax

    SARS – Contact details update

    As we approach filing season, which starts on 1 July 2022, it is important to ensure that you have updated your contact details at SARS. It is also important to make sure that SARS has your correct banking details. This will ensure that if a refund is due, it is paid into the correct account. Creating a new tax profile, or transferring a tax profile, can only be done if the taxpayer’s details are up to date. Contact details, i.e. eFiling security details, can only be changed at a SARS branch or doing a telephonic appointment. Contact us for assistance with updating your contact details now. And make sure you…

  • SARS,  Tax

    Transferring of tax types on eFiling

    SARS has changed the way the transferring of tax types on eFiling works. Previously, the tax type had to be requested, and then after 5 business days, the taxpayer received an override code. This has now changed. Taxpayers do not have to wait anymore. eFiling now gives taxpayers the option to immediately transfer the tax type using a one time pin. It is very important to note, that the contact details of the taxpayer has to be up to date at SARS. This is because the one time pin is sent via sms or email. In the case of a company, a public officer has to be assigned by SARS.…

  • SARS,  Tax

    SARS turnaround times delays

    Since January 2022, SARS have been problems with keeping up with their turnaround times. How does this impact you? The result of this is that everything takes longer to be finalized. This includes VAT audits, income tax audits, appointment of public officers, disputes etc. Remedial action Unfortunately, there are a lot of processes to follow when SARS fails to stick to their turnaround times. The first step is to escalate the case number. After this, you need to wait again for SARS to act. The next step is to lodge a complaint with the SARS complaints department. Only after all of these processes have been completed, can a complaint be…

  • company registration,  SARS

    Public officer appointment with new companies

    When you have registered a new company, a public officer has to be appointed at SARS. This needs to be done before the tax profile of the company can be added on eFiling. This is the case with private companies and non profit companies. The public officer will be the director of the company. In the event where there is more than 1 director, only one director will be appointed as the public officer. Documents required The following documentation is required to appoint a public officer: ID copy. When it is an ID card, copies of both the front and back is required. Proof of banking details for the company.…

  • Financial statements

    Why you need to do annual financial statements.

    You need to do annual financial statements for your company every year. This include private companies, close corporations, sole proprietors, non profit companies and partnerships. When to do financial statements. The financial statements have to be compiled after the financial year end of the company. The statements will include transactions for a period of 12 months. Except for the year in which the company was started, then it will only include for the number of months leading up to the first financial year end. The majority of companies have February as a financial year end, but any month can be chosen when the company is registered. This option is not…

  • VAT

    How do I register for VAT

    What is VAT? VAT is an additional tax that you pay on certain products you buy. The current VAT rate is currently set at 15% SARS. VAT is only payable when purchasing from businesses who are registered for VAT by SARS. When should my business register? It is compulsory for all businesses to register at SARS for VAT, if the company’s sales exceeded R1m for 12 consecutive months. This includes all business types, private companies, close corporations and sole proprietors. It is the responsibility of the company to apply for a VAT number within 21 days. It is also possible to do a voluntary VAT registration. This can be done…

  • Tax

    SARS final demand

    SARS is in the process of sending out final demands for all taxpayers who owe money. It is very important to know at all times what your tax status is, even when the company has been dormant. Even if a company has not been trading, a tax return has to be submitted for every year. SARS issues admin penalties for non submission of returns of R250 per month per return. This can add up to a considerable amount. Taxpayers should also ensure that their PAYE and VAT are up to date. If you have received a final demand from SARS, contact us to help you manage your debt. Or put…