Dormant company SARS Tax Penalties: Why Shutting Down Your Dormant Company Can Save You From Costly Penalties
Dormant company SARS Tax Penalties: Why Shutting Down Your Dormant Company Can Save You From Costly Penalties In our extensive experience as accountants and business advisors, we frequently encounter individuals who have registered businesses for various reasons. In this article, we will delve into these common motivations and explain why shutting down your dormant […]
Unlock Compliance with Ease: Navigate South Africa’s New Beneficial Ownership Laws with Our Expert Help!
From 1 April 2023, South African businesses must disclose their beneficial owners to the CIPC in line with the Companies Act. Furthermore, SARS necessitates companies to report shareholders who possess an interest of 5% or more in their tax declarations. Why the Change?: This mandate compels companies to maintain and submit beneficial ownership records to […]
What should you know about Auto Assessment?
What should you know about Auto Assessment? What is an auto-assessment? An auto-assessment is an automatic assessment issued on taxpayers by SARS. This basically means that SARS has collected taxpayer information from their parties (such as medical aid or retirement annuities) and then use this information to file your return and issue an assessment on […]
What if there is no response from SARS?
What if there is no response from SARS? KEY TAKEAWAY POINTS: SARS has 21 business days to complete a verification They may finalise it with or without changes If they take more than 21 business days, you have a right to lodge a complaint If nothing happens, you may take the matter up with […]
How to hold SARS accountable
The office of the Tax Ombud was established to act as a bridging gap between SARS and the taxpayer. But, taxpayers do not always have a direct line to connect with the Tax Ombud. A taxpayer may lodge a complaint with the Tax Ombud after they have exhausted all the SARS complaints mechanisms unless they […]
Are you ready to exit from your business?
Are you ready to exit your business? Some people go into business with the aim of building a good business then sell it. Others spend years building their businesses so that they may leave something for their children. Whatever the intention, it is clear that at some point one will exit their business. […]