What happens if you do not pay VAT on time?
What happens if you do not pay VAT on time? The VAT Act (section 39) and the Tax Administration Act (TAA, Section 187 and Section 4) provide for the interest application and treatment where a taxpayer fails to submit or pay a VAT return. If you are unable to submit, SARS immediately levies a […]
Is SARS always right? What if I do not agree with their assessments?
Is SARS always right? What if I do not agree with their assessments? Many of us see SARS as that horrible master who just wants to take our money at every opportunity possible, and it’s money they didn’t even work for. Sometimes you look at an assessment and you even wonder what they are […]
What does a SARS completion/verification letter mean?
What does a SARS completion/verification letter mean? What is a verification: Being selected for an audit and verification are two different processes. With a verification, SARS is doing a face-value verification of the information declared by the taxpayer on the declaration or in a return. This involves the comparison of the information on the return […]
What you need to know if you are earning foreign income
What you need to know if you are earning foreign income: Key takeaway points: 1. Before 1 March 2020, all foreign income (as defined) was exempt 2. After 1 March 2020, the exemption is limited to R1.25 million 3. Certain conditions have to be met before the exemption can be applied 4. Independent contractors […]
Can I deduct home office expenses?
Can I deduct home office expenses? These days the work culture has changed. Since lockdown was introduced. Some companies had to close shop and some employees were required to work from home. Also and in general, the world is changing and so is the way people work and interact. Many people, like myself, prefer […]