From 1 July it’s that time again – when you must present your hard-earned…erm…earnings to SARS and hope for a return somewhere between a pair of Froggies and a pair of Gucci’s…
The Tax Shop takes the guessing out of your tax returns, and we make sure you are prepared and ready for a tax audit, no matter how complex your taxable income status. While that is our job, (and according to our clients, one we do very well) we do have a few tips for individuals who have to submit their personal tax returns on an annual basis:
Five tax tips to make personal tax returns easier
- Keep physical or electronic copies of receipts, especially if you’re self-employed and want to claim deductions for business expenses from your computer to the cost of your home office! Make sure to organise all your receipts under the appropriate heading to avoid getting any of it wrong and having your claim rejected.
- Learn the your (basic) tax laws (more about this in next week’s post).
- Know what is and isn’t deductible. For instance, donations of up to 10% to registered Public Benefit Organisations can be deducted. Of course, the contributions you make to retirement funds such as pension and provident funds also qualify you for a tax deduction up to certain limits.
- Invest in tax-free savings plans where you won’t get ‘double’ taxed on money that’s taxed already. According to current tax law you can save R33 000 per year up to a maximum of R500 000 during your lifetime tax free.
- Don’t get overwhelmed. Spend once or twice a month making sure that all your expenses are accounted for and organised instead of scrambling and forgetting things when tax season starts.
For instant help with your tax call The Tax Shop
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 accountants who 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).