Helping You Manage Your Tax Matters
Tax regulations are ever-changing, making it challenging for small business owners to stay compliant and optimise their tax strategies. Our expert team ensures you stay up-to-date with the latest regulations, maximise deductions, and minimise liabilities.
Dealing with Tax authorities can be overwhelming
If you do not plan your taxes in advance...
- You will miss the due dates.
- You will incur penalties and interest if not submitted and paid on time.
You will be overwhelmed when seeing unexpected tax liability.
We don't want that for you. Many business owners like yourself are benefiting from the optimisation and cash flow planning strategies we've helped implement. With our assistance, you can enjoy peace of mind when tax season arrives.
Income tax
Many business owners in South Africa struggle with filing their income tax returns.
They often do not know how much they need to pay or the due dates. Confusion between CIPC Annual Returns and tax returns is also common.
Hiring an expert can help eliminate this confusion, ensuring your business stays compliant.
With professional guidance, you can plan for your tax liabilities effectively and avoid unexpected tax bills at the end of the year.
Value Added Tax (VAT)
Value Added Tax (VAT) is one of the most commonly misunderstood taxes among small business owners in South Africa.
Some business owners mistakenly charge VAT without being registered, while others avoid charging VAT to remain competitive. However, SARS has made it clear that any form of non-compliance will be hard and costly.
VAT registration is mandatory for businesses with a turnover exceeding R1 million per year, and voluntary registration is available for those with turnover below this threshold.
Being compliant not only avoids hefty penalties but also instills trust with your customers and suppliers.
Working with a tax expert ensures your business adheres to all VAT regulations, helping you avoid costly mistakes and optimise your tax position.
Employees tax (PAYE)
As your business grows and you consider hiring staff to execute the business systems you’ve put in place, it’s crucial to think about how best to reward your employees while minimising their tax burden.
Structuring employee compensation to be tax-efficient is essential. As a business owner, you need to ensure that your salaries are optimised for tax purposes, both for yourself and your employees.
This includes understanding the correct PAYE (Pay-As-You-Earn) deductions, fringe benefits tax implications, and other relevant tax liabilities.
By working with a tax expert, you can design a remuneration package that is both attractive to employees and compliant with SARS regulations, ensuring that tax obligations are optimised and financial surprises are avoided.
Dividends Tax
One of the most overlooked taxes by small businesses is dividends tax. Many business owners take money from their business and call it drawings. While the classification is correct, they often don’t realise they need to pay dividends tax.
These mistakes are costly and can significantly impact the cash flow of both the business and the owner.
The company must file a declaration with SARS stating it has declared dividends and must submit dividends tax returns within the prescribed timeframes.
Why worry about all these technicalities when a tax expert can help you navigate these challenges, ensuring compliance and providing peace of mind for both your business and personal finances?
What to do Next?
Complete the form to schedule a call with our team. We are very selective about who we work with, so this will help us determine if we are the right fit for each other.
