TAX COMPLIANCE

Enabling Growth

The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimize corporate tax exposure and relieve the administrative burden of compliance with current tax legislation.

 

Effective corporate and personal tax planning can also result in significant improvements in your bottom line.

As tax advisers, our objective is to work closely with you to ensure you pay the minimum tax required by law. We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.

 

WE CAN ASSIST WITH A RANGE OF TAX ISSUES INCLUDING:

  • Initial Registrations

  • Calculation and Submission of Individual Income (Personal Tax),

  • Corporate Income Tax

  • Other Direct Tax Returns (PAYE, VAT, etc.)

  • Capital Gains Tax

  • Tax Clearance Certificates

  • Tax Payment Advice

  • Efficient Tax Structuring for Individuals & Companies (Tax Planning)declaration (EMP501)

    • Submission of your Employer Annual Reconciliation (EMP501) and Employee Tax Certificates [IRP5/IT3 (a) s] is due from 1 April to 31 May for the transaction periods of:

    • Interim period: transaction period from 1 March to 31 August or

    • Annual period: full tax year from 1 March to 28/29 February.

    • The interim reconciliation was introduced in September 2010 and was intended to assist employers by:

    • Enabling an easier and more accurate annual reconciliation submission

    • Maintaining an up-to-date employee database and

    • Registering employees for Income Tax purposes, as required.

    • Summary of what is required:

    • Deduct the correct amount of tax from employees

    • Pay this amount to SARS monthly

    • Reconcile these deductions and payments during the annual and the interim reconciliation and

    • Issue tax certificates to employees.

    • SARS can impose penalties if the submission is late, inaccurate or does not balance. Beat the deadline of 31 May by submitting your EMP501 Reconciliation early.

 

©2012 by Menthe Accounting.