We will submit your income tax once a year once the annual financial statements has been completed and filing season at SARS is open. Income tax is due within one year from the end of the company’s tax year end. Companies are normally taxed on a flat rate of 27% but we will also make sure whether your company does not qualify to be taxed as a Small Business Corporation where the tax rate is a lot lower. We will assist with any SARS audits that may be raised at an additional cost.
Twice a year we will send out Provisional tax calculations for the payment of income tax on the estimated profits for the coming year. These normally occur in August and February every year depending on your company’s financial year end.
We will calculate your VAT liability to SARS based on your registration periods and ensure it gets submitted to SARS in due time. We will notify you of the payment and the payment date to avoid late fees and penalties. VAT forms should be submitted to SARS by the 25th of each month although payment is only due on the last day of the month. If these dates fall on a weekend of public holiday, then it will be the day before. If there are VAT verifications done by SARS, we will assist with them but additional fees may be incurred depending on the depth of the verification.
PAYE will be calculated monthly when your payroll is done and submitted to SARS. You will be notified of the submission and the payment details so that payment can be made within the deadline. Twice a year from April to May and September to October IRP 5 recons must be submitted to SARS to ensure that the monthly PAYE submissions are reconciled to the employee tax certificates. At the end of the financial year, we will send the IRP 5 certificates to you once the IRP 5 recon was submitted to SARS.