Are you aware of income tax regulations?
Income tax refers to the amount of money that is deducted from your income to pay for governmental services, such as the maintenance of local roads, schools, hospitals, libraries and other public institutions. The South African Revenue Service (SARS) is responsible for the collection of taxes from all citizens and businesses in South Africa.
The South African taxation system is progressive, which means that one’s income tax is calculated in accordance with one’s income. As a business owner, you need to register for income tax, as well as employer’s tax (PAYE) to ensure that your employees’ income tax fees are paid on a continuous basis.
As part of paying your yearly income tax, you can file to receive a tax return once every 12 months. Submitting a tax return allows SARS to determine a person’s tax liability, based on his/her overall income and expenses that are subject to tax. Often, one will receive a refund from SARS. The registrations and deadlines for income tax and tax return submissions are important to keep in mind, to ensure that you or your company may reap the benefits from being loyal tax payers.
How the team at Pienaar Stofberg can assist:
Tax legislations for businesses are continuously changing, which means that it is hard to keep up with your company’s tax responsibilities. This is where the expert knowledge and service of a tax consultant can be greatly utilised. As part of our comprehensive financial services at Pienaar Stofberg, we also offer assistance by helping businesses comply with their legal tax responsibilities.
Our tax consulting services are suited to all small to medium sized companies seeking assistance and advice on how to best manage their income tax and related tax affairs, such as Pay As You Earn (PAYE), contributions to the Unemployment Insurance Fund (UIF), Value Added Tax (VAT), Capital Gains Tax (CGT), and Skills Development Levy (SDL). We also offer to assist individuals with their yearly tax return submissions.
Through building a personal relationship with each of our clients, and getting to know and understand their business, we can provide them with expert tax consultant services and advice with regards to their income tax, tax returns, and other tax related matters that are affecting their accounts.
We will make sure that you do not miss a SARS registration again!
SARS registration is important for every South African individual, as well as local businesses. The South African Revenue Service (SARS) was established as an independent agency that collects tax, manages custom duties, and enforces compliance with local tax legislation on behalf of the South African government and people. It is necessary for everyone to complete their SARS registration if they qualify for tax. This ensures that every citizen contributes a fair share to enhance the growth of South Africa’s economy.
As part of our extensive service range at Pienaar Stofberg, we offer to take care of individuals’ and companies’ SARS affairs, which include SARS registrations, filing tax returns, completing your UIF registration, etc. Letting us take over your SARS administration will allow you to save time, as well as money, by preventing fines for late applications, or for missing the annual tax return deadline.
Not sure about the tax return deadline?
Taxes can be confusing and overwhelming. There are different regulations and percentages that apply to individuals and businesses, and your payable tax is also influenced by the amount of money that you earn. For businesses, factors such as the Unemployment Insurance Fund (UIF), Value Added Tax (VAT), Skills Development Levy (SDL) and your employee’s tax (PAYE) can influence yearly tax returns.
Filing a tax return allows SARS to calculate your tax liability, which is based on your declared income and your taxable expenses. Often, it results in a refund. The team at Pienaar Stofberg is highly experienced in tax administration and will ensure that you or your company’s paperwork is in order before the yearly tax return deadline (which differs for individuals and businesses), so that you may benefit from complying with South African tax laws.
FEM and RMA registrations
As part of caring for employees and ensuring that they will be able to maintain their lifestyle if injured or disabled while on duty, some businesses, depending on the industry, can apply for compensation on behalf of their workers from the Federated Employer’s Mutual Assurance Company (FEM) or the Rand Mutual Assurance Company Limited (RMA).
These organisations take care of cases where an employee is injured, disabled, or passes away due to a work-related incident. If not able to compensate the employee, they will ensure that beneficiaries and family members are taken care of.
We have been dealing with these compensation commissioners for many years and are able to assist companies in doing so.
Although SARS, and other South African financial services and commissioners, strive to provide transparent and customer-orientated services, many people and business owners struggle to get their affairs in order before annual deadlines. For convenience and complete peace of mind, feel free to call us to take care of your tax returns, RMA and FEM matters, and UIF contributions.