{"id":696,"date":"2023-09-27T09:59:13","date_gmt":"2023-09-27T09:59:13","guid":{"rendered":"https:\/\/evafinancialsolutions.co.za\/newsite\/?p=696"},"modified":"2024-09-21T14:35:23","modified_gmt":"2024-09-21T14:35:23","slug":"dormant-company-sars-tax-penalties","status":"publish","type":"post","link":"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/","title":{"rendered":"Dormant company SARS Tax Penalties: Why Shutting Down Your Dormant Company Can Save You From Costly Penalties"},"content":{"rendered":"<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-detbj-79elbk h-full dark:bg-gray-800\">\n<div class=\"react-scroll-to-bottom--css-detbj-1n7m0yu\">\n<div class=\"flex flex-col text-sm dark:bg-gray-800\">\n<div class=\"group w-full text-token-text-primary border-b border-black\/10 gizmo:border-0 dark:border-gray-900\/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent\" data-testid=\"conversation-turn-5\">\n<div class=\"p-4 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 md:max-w-2xl lg:max-w-[38rem] xl:max-w-3xl }\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex flex-grow flex-col gap-3 max-w-full\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-3 overflow-x-auto whitespace-pre-wrap break-words\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#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<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#Common_Motivations_for_Business_Registration\" >Common Motivations for Business Registration:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#The_Risks_of_a_Dormant_Company\" >The Risks of a Dormant Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#Steps_to_Mitigate_Penalties\" >Steps to Mitigate Penalties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#Conclusion\" >Conclusion:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#Leave_a_message\" >Leave a message<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/dormant-company-sars-tax-penalties\/#Subscribe_now\" >Subscribe now:<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Dormant_company_SARS_Tax_Penalties_Why_Shutting_Down_Your_Dormant_Company_Can_Save_You_From_Costly_Penalties\"><\/span>Dormant company SARS Tax Penalties: Why Shutting Down Your Dormant Company Can Save You From Costly Penalties<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>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 company can save you from costly penalties.<\/p>\n<hr \/>\n<h4><span class=\"ez-toc-section\" id=\"Common_Motivations_for_Business_Registration\"><\/span>Common Motivations for Business Registration:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><strong>Formalizing a Side Gig:<\/strong> Many people register businesses to legitimize a side hustle before realizing it may not be sustainable or they lack the time to run the venture effectively.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Meeting Regulatory Requirements:<\/strong> Some individuals are requested by friends to serve as directors for a company primarily to fulfil regulatory obligations, often related to BBBEE (Broad-Based Black Economic Empowerment).<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Shifting to Sole Proprietorship:<\/strong> There are instances where individuals initially registered a company but later decided to continue trading as sole proprietors.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Overseas Relocation:<\/strong> People who registered a company but subsequently relocated abroad for employment often leave their company unattended.<\/p>\n<p>&nbsp;<\/p>\n<p>Regardless of the initial reason for registration, many of these businesses eventually become an administrative burden for their founders, partners, or directors. These administrative challenges encompass:<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li><strong>Compliance with CIPC:<\/strong> Ensuring adherence to regulations set by the Companies and Intellectual Property Commission and the Companies Act.<\/li>\n<li><strong>Filing CIPC Annual Returns:<\/strong> Meeting the requirement to submit annual returns to maintain company compliance status.<\/li>\n<li><strong>Filing SARS Tax Returns:<\/strong> Addressing the critical issue of filing tax returns with the South African Revenue Service (SARS).<\/li>\n<\/ol>\n<hr \/>\n<h4><span class=\"ez-toc-section\" id=\"The_Risks_of_a_Dormant_Company\"><\/span>The Risks of a Dormant Company<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>The company you registered but might have forgotten about can pose a substantial tax risk. Here&#8217;s why:<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Tax Obligation:<\/strong> Registered companies have a legal obligation to file annual tax returns with SARS to provide updates on their financial and trading status.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Accumulated Unsubmitted Returns:<\/strong> If you&#8217;ve lost track of your registered company, you may have a backlog of unsubmitted tax returns. For instance, if your company was registered five years ago, you could potentially have five years&#8217; worth of outstanding tax returns. This applies to all applicable tax types, including VAT and PAYE.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Ignored Notifications:<\/strong> You might have received notifications and reminders from SARS but overlooked or failed to understand their significance.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Penalties:<\/strong> SARS imposes administrative penalties for non-submission of tax returns, even if the business is not actively trading. These penalties can vary but often start at R250 per month, with a maximum penalty of R16,000 per month. Consequently, for five years of non-submission, you could face a minimum penalty of R15,000. It is important to note that the trigger for these penalties is not trading status, but non-submission of tax returns.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h4><span class=\"ez-toc-section\" id=\"Steps_to_Mitigate_Penalties\"><\/span>Steps to Mitigate Penalties<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>So, what should you do if you find yourself in this situation:<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Submit Outstanding Tax Returns:<\/strong> Initiate the process by submitting all outstanding tax returns.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>File Returns Regardless of Income:<\/strong> File tax returns for all relevant years, irrespective of whether your business generated income or expenses. As mentioned earlier, penalties are triggered by non-submission, not income levels.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Understand Responsibilities:<\/strong> Avoid registering as a director or tax representative for friends or family without fully comprehending your duties toward the company and tax authorities.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Check Company Compliance:<\/strong> Utilize the Companies and Intellectual Property Commission (CIPC) to obtain a &#8216;spider report&#8217; for each company you are a director of and verify their tax compliance.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Consider Resignation:<\/strong> If you&#8217;ve already registered as a director or tax representative, explore the possibility of resigning from those positions.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Engage with SARS:<\/strong> Communicate with SARS to discuss penalty remittance, repayment plans, or reduced penalties.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<p><strong>Deregister Inactive Companies:<\/strong> If your intent is not to maintain the company&#8217;s active status, consider deregistering it with CIPC and SARS.<\/p>\n<hr \/>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Remember, SARS appreciates law-abiding citizens. It&#8217;s best to be proactive and honest in addressing any oversight or compliance issues. Approach SARS with transparency and a willingness to rectify the situation by submitting overdue tax returns and seeking resolution for penalties.<\/p>\n<hr \/>\n<p>Feel free to reach out if you require assistance or have further questions.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"absolute bottom-0 left-0 w-full border-t md:border-t-0 dark:border-white\/20 md:border-transparent md:dark:border-transparent md:bg-vert-light-gradient bg-white dark:bg-gray-800 md:!bg-transparent dark:md:bg-vert-dark-gradient pt-2 md:pl-2 md:w-[calc(100%-.5rem)]\">\n<form class=\"stretch mx-2 flex flex-row gap-3 last:mb-2 md:mx-4 md:last:mb-6 lg:mx-auto lg:max-w-2xl xl:max-w-3xl\">\n<div class=\"relative flex h-full flex-1 items-stretch md:flex-col\">\n<div class=\"flex w-full items-center\">\n<div class=\"flex flex-col w-full flex-grow relative border border-black\/10 gizmo:dark:border-gray-100\/10 dark:border-gray-900\/50 dark:text-white rounded-xl shadow-xs dark:shadow-xs dark:bg-gray-700 bg-white gizmo:bg-[#F5F5F5] gizmo:shadow-[0_0_0_2px_rgba(255,255,255,0.95)] gizmo:dark:shadow-[0_0_0_2px_rgba(52,53,65,0.95)]\">\n<div data-grammarly-part=\"button\">\n<div class=\"amkYk\">\n<div class=\"ptGJG\">\n<h4><span class=\"ez-toc-section\" id=\"Leave_a_message\"><\/span>Leave a message<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<div class=\"forminator-ui forminator-custom-form forminator-custom-form-1640 forminator-design--default  forminator_ajax draft-enabled\" data-forminator-render=\"0\" data-form=\"forminator-module-1640\" data-uid=\"69e25d8a0f012\"><br\/><\/div><form\r\n\t\t\t\tid=\"forminator-module-1640\"\r\n\t\t\t\tclass=\"forminator-ui forminator-custom-form forminator-custom-form-1640 forminator-design--default  forminator_ajax draft-enabled\"\r\n\t\t\t\tmethod=\"post\"\r\n\t\t\t\tdata-forminator-render=\"0\"\r\n\t\t\t\tdata-form-id=\"1640\"\r\n\t\t\t\t\r\n\t\t\t\tdata-design=\"default\"\r\n\t\t\t\t\r\n\t\t\t\t\r\n\t\t\t\t\r\n\t\t\t\tdata-grid=\"open\"\r\n\t\t\t\t\r\n\t\t\t\t\r\n\t\t\t\tstyle=\"display: none;\"\r\n\t\t\t\t\r\n\t\t\t\tdata-uid=\"69e25d8a0f012\"\r\n\t\t\t><div role=\"alert\" aria-live=\"polite\" class=\"forminator-response-message forminator-error\" aria-hidden=\"true\"><\/div><div class=\"forminator-row\"><div id=\"name-1\" class=\"forminator-field-name forminator-col forminator-col-12 \"><div class=\"forminator-row forminator-no-margin\" data-multiple=\"true\"><div class=\"forminator-col forminator-col-md-6\"><div class=\"forminator-field\"><label for=\"forminator-field-1640__field--name-1_69e25d8a0f012\" id=\"forminator-field-1640__field--name-1_69e25d8a0f012-label\" class=\"forminator-label\">Prefix<\/label><select name=\"name-1-prefix\" id=\"forminator-field-1640__field--name-1_69e25d8a0f012\" class=\"forminator-select2\" data-multi=\"1\" aria-labelledby=\"forminator-field-1640__field--name-1_69e25d8a0f012-label\" data-default-value=\"\"><option value=\"Mr\" >Mr.<\/option><option value=\"Mrs\" >Mrs.<\/option><option value=\"Ms\" >Ms.<\/option><option value=\"Mx\" >Mx.<\/option><option value=\"Miss\" >Miss<\/option><option value=\"Dr\" >Dr.<\/option><option value=\"Prof\" >Prof.<\/option><\/select><\/div><\/div><div class=\"forminator-col forminator-col-md-6\"><div class=\"forminator-field\"><label for=\"forminator-field-first-name-1_69e25d8a0f012\" id=\"forminator-field-first-name-1_69e25d8a0f012-label\" class=\"forminator-label\">First Name <span class=\"forminator-required\">*<\/span><\/label><input type=\"text\" name=\"name-1-first-name\" placeholder=\"E.g. 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In this article, we will delve into these common motivations and explain why shutting down your dormant [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2117,"comment_status":"open","ping_status":"closed","sticky":false,"template":"brizy-blank-template.php","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[34,15,46,44,47,31,33,16],"class_list":["post-696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cipc-and-secretarial","tag-business-exit","tag-business-owner","tag-closing-off-a-business","tag-company-registration","tag-deregister-a-business","tag-i-cant-pay-sars","tag-repayment-arrangement","tag-why-do-businesses-fail"],"_links":{"self":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts\/696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/comments?post=696"}],"version-history":[{"count":11,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts\/696\/revisions"}],"predecessor-version":[{"id":2118,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts\/696\/revisions\/2118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/media\/2117"}],"wp:attachment":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/media?parent=696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/categories?post=696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/tags?post=696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}