We submit Income Tax for all entities, whether you’re a Company, Trust, NPO or an individual, we can help.
Business Income Tax
If there’s something that is certain about a business, it is that you will pay tax. Most companies buckle at the knees when they hear the word SARS, are my tax returns in order, is the company that is handling my finances ready to submit my tax return or will I incur penalties?
With SARS ramping up their systems and legislation regarding Income Tax, we ensure that your tax is calculated correctly and submitted within the given time-frame to avoid crippling your business with SARS penalties. Do you need to know what SARS requires for your business tax? No, we will advise you on everything SARS related. We are here to help.
When we talk about Provisional Tax we are still talking about Business or Personal Tax owed to SARS. All Businesses and Individuals who run a Sole Proprietorship, receive rental income, or income from another source other than an IRP5, have to submit Provisional Tax. The idea behind Provisional Tax is to ensure you don’t pay large amounts when your income tax return is due, you can rather spread your tax liability over the relevant year. It requires of you to pay at least two amounts in advance, based on your taxable income. A third payment is optional after the end of the tax year, but before the submission and assessment of the income tax for the year. The final tax liability is worked out upon assessment and the provisional tax payments will be offset against this.
The tricky thing about Provisional Tax is that SARS requires you to be 90% accurate of your final taxable income for the year. If you are not, or fail to submit at all, you are penalised for understatement or non-submission of Provisional Tax and these penalties are high.
The common mistake people make is that they think they do not need to submit provisional tax if the company has no profit or is dormant. Companies by law are required to submit Provisional Tax twice a year no matter what.
Individuals only need to submit if they need to, and this can change from year to year, based on personal circumstances.
Confusing from the outset, but we’re here to help.
Personal Income Tax
Adminwiz can help you with your Personal Income Tax. We complete your tax forms and submit your tax returns through SARS e-filing within the given time-frame specified to avoid penalties and interest. If you need any advice regarding your tax returns, we are here to help and guide you.
Income Tax Audit
More than 100 000 personal income tax individuals are audited every year. This can range from a simple review of information or a full-blown lifestyle audit. Typically, SARS will inform you that your tax return “has been identified for review as part of the income tax assessment verification process”. You are then required to submit supporting documents for all the claims on your tax return. This is where we step in and assist you with all documentation and verification to support your claims on your tax return.
Are you an owner or shareholder of a company? If so, you are familiar with Dividend Tax, you receive (or should receive, unless the company is growing and all profits are being pushed back into the business) dividends every year and with Dividend Tax comes rules and regulations that SARS dictates that need to be adhered to. Adminwiz assists with the completion of forms and dealing with SARS on your behalf when it comes to your Dividend Tax.