Tax: simply sorted

Posted by Nico Viljoen on 09 July 2018.



Nico Viljoen

MBA, Hons BCompt, HDip Tax (Jefferson School of Law USA), HED, AGA(SA) DBA Graduate Student, Business School Netherlands

The Tax Shop Head Office

More about Nico Viljoen

Nico obtained qualifications from various academic institutions and currently studies towards the DBA at the Business School Netherlands. He is an associate member of the South African Institute of Chartered Accountants. After completion of his articles with PWC, he lectured in the fields of taxation, accounting and auditing at the Vaal University of Technology. Thereafter, he occupied financial executive positions in the heavy engineering, chemical, transport and automotive industry. Nico has owned and managed various successful businesses over the 20 years. Nico has been a business mentor for various organisation and serves as an external moderator for taxation and internal auditing.
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Important notice: 2018’s (shorter) tax filing season is here and this year you have 18 days less to submit your tax returns, with tax season now open for filing from 1 July 2018 and closing by 31 October 2018.

Let’s be honest. If it wasn’t for billboard and radio ads many of us wouldn’t even remember to file our taxes every year, let alone following a diligent preparation process.

Yes, filing your tax return can be done on your own if your tax situation is simple and straightforward. However, financially intelligent persons with varied financial interests understand that their situation is more complicated than most. Hey, you probably don’t try to fix your own car, why would you try to do your own taxes?

5 reasons you need a (new) tax practitioner

 

Changing tax laws. Every taxpayer has a responsibility to ensure that all applicable tax returns are submitted timeously to the South African Revenue Services (SARS) and paid where necessary. Continually changing tax legislation places a huge administrative burden upon a taxpayer which can only adequately be taken care of by professional tax practitioners like The Tax Shop Accountant who deal with SARS regularly.

One example of this is the long-awaited SARS Service Charter which will be released by 1 July 2018. The Service Charter will set out the minimum levels of service and turnaround times taxpayers can expect (also with regard to tax refunds).

Complicated tax obligations. When you have multiple sources of income such as a salary, interest, foreign income, dividends, rental income and so forth, tax returns become a minefield of potential errors. The Tax Shop have experienced tax practitioners which may find you eligible for additional tax savings that you don’t know about! The following are among some of the more common taxes we deal with regularly:

  • Tax on income (including provisional tax)
  • Capital gains tax (CGT)
  • Value added tax (VAT)
  • Employees tax (PAYE)
  • Dividends tax
  • Donations tax and estate duty
  • Securities transfer tax (STT)
  • Skills development levies (SDL)
  • Unemployment insurance (UIF).

Chance of a higher return. When it comes to tax time, many business owners are frantically trying to figure out what counts as a deduction and what doesn’t. If you’re not confident enough to claim every possible deduction and avoid overpaying taxes, then your Tax Shop consultant will ensure you get all the money you deserve from SARS. We can also make recommendations when it comes to planning for next year’s taxes.

Time. Convenience. Simplicity. Accuracy. One of the biggest reasons to hire an accountant is because of the savings they offer you in terms of time and accuracy. At The Tax Shop you’re working with professionals who deal with situations like yours on a daily basis – over many years. The Tax Shop accountants offeradvanced tax software developed in-house and customised to your needs – ultimately saving you time and money, while getting your tax…well…simply sorted. In addition, our practitioners are more than just accountants, to most of our clients we’ve become trusted financial advisors who know your business in and work dayin and day out to ensure the success of our clients.

Software savvy.

A recent Moneyweb article states that during 2017, a total of 120 000 returns were submitted by tax practitioners at SARS branches. Interestingly, the commissioner says “the significant number of tax practitioners who visit branches to file was sometimes ‘a mystery’ to SARS, but that he had come across some tax practitioners who were not very computer literate, which was probably the biggest driver behind the trend.