Company tax returns
The company tax return is a legally binding declaration to identify all income received or accrued and all income taxable in the hands of the company.
The ITR14 must be completed and submitted to the South African Revenue Service within 12 months after the financial year end. It is imperative that the deadlines are not missed as you will be liable for administrative penalties on each return that is outstanding.
For Small Businesses and medium to large businesses, the submission of signed off Annual Financial Statements (AFS) is compulsory.
Provisional tax returns
Irrespective of what you earn – if you have more than one income (such as a second job or receive rental income or receive interest income) or you run your own business, then you have to register with SARS as a provisional taxpayer and do two of these returns per year under your same tax number. Then once a year you have to file your Annual Tax Return (IT12) with SARS. It’s like a double check that you have paid over the correct amount of tax during the year. Provisional tax is a way for SARS to get their money on a bi-annual basis from you instead of waiting until you are assessed after the year has ended. Companies automatically fall into the provisional tax system.
A tax clearance is a confirmation certificate from the South African Revenue Services that a person’s tax affairs are in order at the date of issue of the Certificate. This certificate is valid for a year from the date of issue provided that the taxpayer remains compliant with SARS requirements.
Consulting & Liaison with SARS
At DATC, we liaise with SARS, we communicate with SARS everyday concerning tax affairs of our clients. We handle all the tax affairs of our clients because we are better informed about tax laws giving our clients peace of mind. We go to SARS on behalf our clients whenever we need to.
Value-added tax (VAT) is an indirect system of taxation. It is levied in terms of the Value-Added Tax Act 89 of 1991. The South African Value-Added Tax Act makes allowance for exemptions, exceptions, deductions and adjustments that effectively lower the VAT liability. VAT is levied at 14% on all customer sales. SARS makes allowance for exemptions, exceptions, deductions and adjustments that effectively lower the VAT liability. DATC provides professional service and guidance to all VAT vendors as well as new upcoming vendors.
EMP501 – Employer Reconciliation Declaration
PAYE (Pay as you earn) is a system of tax collection by the South African Revenue Service. Twice a year all registered PAYE businesses have to submit a PAYE recon being the EMP501 to make sure all UIF and PAYE payments reconcile to staff salaries and submissions. These are compulsory returns.
We provide full services regarding all tax registrations. Some registrations are compulsory and some not. We are able to provide professional advice and professional services regarding tax registrations.
Professional tax advice
As Professional Accountants and registered Tax Practitioners we are able to provide clients professional advice regarding all fields of tax and accounting. We are able to advise how best to comply with the tax legislation and also offer strategies on how to best minimize your tax liabilities by using the available rebates and tax deductions as per the various tax legislations.
Capital gains tax
Capital gains tax is triggered when a tax payer disposes of an asset. In certain circumstances tax will be applicable on the gain earned from the sale of an asset. With our Professional service our clients can have peace of mind knowing that they have been well looked after for any capital gains transactions.
Talk to us about a plan which would best suite your business.
Our tax consulting services are available both monthly and annually to all our clients. All of the above services can also be provided on a monthly retainer where all the monthly and annual services are provided for a set monthly fee. To find out more about how we can assist you with your tax, please contact us