Tax filing is meticulous work and if not addressed properly, South Africans can face various imprisonment or penalties. That’s why, at DuncanBrooke, we are dedicated to assisting residents of South Africa to file taxes with utmost correctness. These measures are put in place to monitor income earned by each citizen and ensure compliance with the South African Revenue Service (SARS). Listing down every detail can be quite frustrating, but with us, it can be manageable.

Important Dates to Remember

The difference between individual taxpayers and taxpayers such as businesses and trusts is that filing time and aim can vary to some extent. Failure to comply with deadlines can put you at quite a risk as penalties with interest become applicable. As a case example, deadlines are different for both provisional taxpayers and non-provisional taxpayers.

Individual Activities

1. Documents Required: Make sure to obtain necessary medical aids with certificates like IRP5 along with their retirement funds.
2. e-Filing Portal: Ensure to use SARS e-Filing to ensure better submissions.
3. Allowable Deductions: Consider claiming all the tax deductibles that are reasonable such as medical expenses, travel, or home office costs.

Business Protocols

1. Create Books of Accounts: A business should always ensure that all developers working with them possess bookkeeping skills to record income/expenditure for any financial statements.
2. Tax Deductions Reconciliation: Where applicable, submit EMP501 reconciliations for all PAYE, UIF, and SDL to meet SARS expectations.
3. VAT Compliance: Check the accuracy of VAT return submissions and the timing of their submission to avoid penalties.

Importance of Accurate Record Keeping

For compliance and audit works by SARS, proper record keeping is essential. We at DuncanBrooke specialize in bookkeeping and tax compliance so that your records are in order.

Pecuniary Penalties for Non-Compliance

Not filing or incorrect filing can attract heavy penalties and interest. In the case of businesses, this can also result in loss of reputation and business disruptions.

DuncanBrooke Assistance

Dealing with tax returns can be cumbersome, but it need not be with proper assistance in place. DuncanBrooke helps file tax returns in the following ways:

• Professional tax advisors are on call.
• Assist in filing eFiling with SARS and submitting documents.
• Maintain books of accounts adequately to ensure audit compliance.

Wrap Up

Planning for the tax return works in South Africa makes compliance achievable and aids in ensuring proper finances. With DuncanBrooke, you can concentrate on expanding your business. Speak to us to see how we can assist during the filing season and afterwards.