If you simply want to ensure that your tax affairs are properly managed, a proactive, knowledgeable tax practitioner from Hydepark Taxshop in Johannesburg can guide you through a review of your tax affairs and leave you feeling in control..With offices in Hydepark, our tax accountants are ideally placed to advise and assist individuals and businesses across South Africa.
HOW OUR TEAM CAN
No matter the challenges you face, our team is on hand to discuss your situation and deliver clear tax advice in plain terms. We’re ideal for businesses and individuals struggling to hit deadlines or reduce their tax bills.
From filing your annual tax returns to identifying tax-planning opportunities for you or your business, our tax accountants in Johannesburg, South Africa, are here to advise on your best options and ensure you stay fully compliant with the evolving tax laws. Our team consists of true experts in their field, with chartered accountants, highly-qualified tax advisors in Johannesburg and Tax Consultants Johanesburg using their skills, knowledge and contacts to deliver industry-leading tax and accounting services.
TAX ACCOUNTANTS - HOW OUR TEAM CAN HELP
Individual/Company Tax Returns
Corporate tax includes taxes paid by companies or close corporations, on their annual taxable income. Individuals who earn taxable income (subject to various exemptions and rebates) are also liable to pay income tax. South Africa has a residence-based tax system, which means residents are, subject to certain exclusions, taxed on their worldwide income. By contrast, non-residents are taxed on their income from a South African source
Tax Planning, Structuring and Consulting
Tax planning is not just about filling out tax forms and paying taxes. Tax planning is an entire process where you use carefully designed and planned strategies to reduce your tax liability legaly. Most businesses do not take advantage of these opportunities but it can give you a competitive advantage. Due to the complexity and various forms of taxes governed through the South African Tax Laws many clients are overwhelmed and unsure about tax implications applicable in their personal capacities and businesses. Through our tax expertise and experience we provide tax consulting to address any tax problems and questions our clients might have
Dividends Distribution & Tax Management
Dividends received by individuals from South African companies are generally exempt from income tax, but dividends tax at a rate of 20% is withheld by the entities paying the dividends to the individuals. Declaring dividends will have some tax consequences and filing duties. Let us handle it so you know it is done right by professionals.
Provisional Tax Returns (IRP 6)
Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not have a large tax debt on assessment. It requires the taxpayers to pay at least two tax amounts in advance. Provisional taxes are usually paid in February and August.
Tax advice from expert tax accountants in Johannesburg
At Hydepark Taxshop, our tax accountants in Johannesburg can assist you in reducing your tax liabilities, maximizing your wealth, and easing the administrative burden of tax compliance – wherever you are in South Africa. We are on hand to provide you with professional tax advice, with our tax and accounting services ranging from personal to corporate tax. Contact us today.
SARS Communication
SARS has various forms of communication. Communication takes place through call centres, e file profiles, online booking system and visit of popup tax branches. With a signed tax power of attorney clients can appoint us as the tax practitioners to act and communicate on behalf of our clients with regards to tax affairs. We also update and maintain registered details of taxpayers with SARS.
SARS Registration
We perform tax registrations for individuals. Corporate entities are automatically registered for income tax when registered at the Company Intellectual Property Commission (CIPC). We perform registration of e-filing profiles and tax representatives. We can also perform registrations for Turnover Tax and perform application for tax exemption.
Tax Corrections, Verifications/Audits and Disputes
If a mistake was made, the Request for Correction process allows you the ability to correct a previously submitted return/declaration. Non-compliance penalties and/or interest can be remitted in whole or in part through request for Remission process. Where a taxpayer doe snot agree with an assessment the taxpayer may, request SARS to provide the reasons or lodge a dispute. We provide all of the above services for taxpayers.
Tax compliance and Debt Management
In instances where taxpayers are not compliant and have outstanding tax debt owing to SARS we can assist these taxpayers with payment arrangements and compromises .Taxpayers, both individuals and businesses, are required to be fully tax compliant through on time submission of returns and payments. We assist taxpayers that are not tax compliant to become tax compliant again through our tax assessment and corrections processes.
Contact our tax accountants online
With offices in Hydepark, our tax accountants in Johannesburg are ideally placed to advise and assist individuals and businesses across South Africa. To speak to a corporate or personal tax advisor, call our tax advice team today or complete our online inquiry form and we will be in touch.
PAYE Registration
An employer must register with the South African Revenue Service (SARS) within 21 business days after becoming an employer, unless none of the employees are liable for normal tax. An employer, who needs to register with SARS, for PAYE and/or SDL, also needs to register to pay UIF contributions .Where an employer is liable to pay SDL, the employer must register with SARS and show the jurisdiction of the Skills Education and Training Authority in South Africa (SETA) within which they must be classified..
PAYE Returns & Submissions (EMP 201’s)
The amounts deducted or withheld by the employer must be paid to the South African Revenue Service (SARS) on a monthly basis, by completing the Monthly Employer Declaration (EMP201).An employer must issue an employee with an IRP5/IT3(a) where remuneration is paid or has become payable.
VAT Registrations
It is compulsory for a business to register for VAT if the total value of taxable supplies made in any consecutive twelve month period exceeded or is likely to exceed R1 million. Non-resident suppliers of certain electronic services are also liable for compulsory VAT registration at the end of the month in which the total value of taxable supplies exceeds R1 million. A business may also choose to register voluntarily for VAT if the value of taxable supplies made or to be made is less than R1 million, but has exceeded R50 000 in the past period of 12 months.
VAT Calculations, Review and Reconciliations
Many businesses run into cash flow problems because they didn’t manage their VAT liability properly—paying themselves too much or not at all from what was due to them according their accounting records. We ensure the correct VAT liability is calculated from the accounting records provided to us. We also review client’s VAT calculations. We perform VAT reconciliation to ensure accuracy and completeness of VAT liability and turnover declared, between SARS and the client.
VAT Returns
A vendor is required to submit VAT returns and make payments of the VAT liabilities (or claim a VAT refund) on or before the 25th day or the last business day of the month following the month in which the vendor’s tax period ends. VAT periods can range from monthly, 2 month period or 6 month period or annually.
Unemployment Insurance Fund (UIF) Returns and Skills Development Levy (SDL)
The Unemployment Insurance Fund (UIF) gives short-term relief to workers when they become unemployed or are unable to work. SDL is a levy imposed to encourage learning and development in South Africa and is determined by an employer’s salary bill. It must be declared and paid to SARS within seven days after the end of the month during which the amount was deducted.
EMP 501 and IRP5 Certificates
An employer must issue an employee with an IRP5/IT3(a) where remuneration is paid or has become payable. An employer needs to submit a reconciliation between the declared and paid amount to SARS with regards to Employees’ Tax [Pay-As-You-Earn (PAYE)], Skills Development Levy (SDL), Unemployment Insurance Fund (UIF) and/or Employment Tax Incentive (ETI). This is done bi-annually.
Article Source: https://hydepark-taxshop.co.za/tax-consultants-johannesburg/
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