Top Common Tax Mistakes to Avoid and How to Fix Them
Introduction: Paying taxes can be a complicated process, and even the most diligent taxpayers can make mistakes. Unfortunately, errors on your tax return can result in penalties, delays, audits or even criminal charges. In this article, we will highlight the most common tax mistakes that individuals make, explain how to avoid them and provide solutions […]
Should I Submit a Tax Return in 2024? Essential Tips for All South Africans
Should I Submit a Tax Return in 2024? In this article, we look at whether you should submit a tax return. At the end of the article, we will post a form that can assist you in deciding whether you need to submit a tax return. Not everyone should submit a tax return. […]
Can SARS see all my bank accounts? Crucial Tips for the 2024 Tax Season:
Can SARS see all my bank accounts? Stay Out of Trouble with SARS, Know how SARS Bank Account Access It is important to be vigilant and honest on your tax return. SARS has access to your bank accounts through third parties such as banks. SARS may raise additional assessments if they detect undeclared income, […]
How to get a SARS refund quickly; Essential Preparation Guide for Faster Tax Refunds
How to get a SARS refund quickly? We are reaching out early to ensure you’re fully prepared for the upcoming tax season. Once it opens, you’ll be ready to submit your tax return and potentially receive your refund sooner. Why wait? What do you need to get ready? You will need: Necessary documentation for submission. […]
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 […]
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 […]
Tax season deductions: Basic deductions you can use to save on tax (how to get a tax refund)
Tax season deductions – what you should know The tax season is offically coming to an end for non-provisional taxpayers in the next few days. But, even if you are planning for the next tax season, this article is for you as it will consider a few options/deductions that you can use to reduce […]
Effective Steps to Successfully Close a Business in South Africa (Guide)
Effective Steps to Successfully Close a Business in South Africa Who should be reading this article? Anyone whose business is no longer trading and wishes to wind it down Anyone who wants to liquidate their business Anyone who has lost interest in their registered business and now wishes to discontinue it KEY TAKE AWAY POINTS: […]
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 […]