TAX SERVICES

As business tax advisors and qualified tax practitioners, we help you optimize tax savings and mitigate tax risk for your small or medium business, whether you are trading in a company, close corporation or as a sole proprietor so that you can focus on your business’s progression to maximise profits.  Our tax services extend to trusts and includes tax administration for all of the tax types.

There are several tax types that businesses are responsible to pay over to SARS in addition to submitting reconciliations to SARS on certain of these tax types.   The more common tax types are:

• income tax (includes provisional tax),
• capital gains tax,
• value added tax (VAT),
• employees’ tax (pay as you earn tax) including unemployment insurance (UIF) and skills development levies (SDL).

Other tax types include:

• dividend withholding tax (DWT),
• withholding tax on interest (WTI),
• security transfer tax (STT),
• donations tax,
• excise duties and levies (ad valorem tax, diesel refund system, alcohol products, levy on sugary beverages, etc.)

Income Tax and Capital Gains Tax are direct taxes payable as a percentage on business net taxable profits, capital gains or an individual’s net taxable income whereas Value Added Tax (VAT) and Employee Taxes are collected or withheld by businesses from customers and its employees on behalf of SARS and paid over to SARS.

Reconciliations that SARS requires are, for example, bi-annual employee reconciliations and if requested, reconciliations of VAT output to turnover, VAT to input tax claimed and annual remuneration paid to employees to employee certificates issued, just to name a few.

If a business or business owner does not pay tax, it may mean that the business is genuinely not making a profit, often triggering a full-blown SARS audit … but more often, it may constitute fraud or tax evasion, a criminal offence.

We identify tax red flags before SARS does and optimize tax savings for our clients.

Tax and tax accounting involves knowing the tax laws and properly filing tax returns for companies, trusts and individuals based on their specific situations and how the law applies to them. In this way, we ensure that our clients follow all the tax laws and avoid penalties from SARS and mitigate potential criminal offences.