Tax Advisory Service &' Tax Returns Submission

Shamu Bookkeeping Services (Pty) Ltd will assist you with the preparation of your Personal and Companies Tax as required by the South African Revenue Services (SARS).

Shamu Bookkeeping Services (Pty) Ltd is a registered Tax Practitioner with SARS - Practitioner Number PR - BD05283

VAT Registration is required when a enterprises income exceeds R100 000 per annum, voluntary VAT registration can be done should income of over R50 000 per month. The threshold for SDL is R500 000 per annum. PAYE, SDL, UIF registration is compulsory for any enterprise who pays rumuneration.

This is a fundamental part of any individual's day to day life is that, should you be a private individual or a company, you must pay tax. Private individual’s tax year runs from the 1 March to 28 February every year. Tax returns must be filed annually, subject to your earnings.

A business may need to register for various forms of tax.

Taxes such as Pay As You Earn (PAYE) this is an employee tax, for if any one employee earns a salary of more than R46 000 per annum. UIF ( Unemployment Insurance Fund) registration is for company where any employee that earns a salary. SDL (Skills Development Levy) is a compulsory levy scheme for companies brought into effect to raise funds with the purpose assisting the government with funding for training and education.

Company’s tax periods vary however in most instances also has their tax year ends on the 28 February every year.

VAT

Value Added Tax is an indirect that is gathered by vendors on behalf of the government. The tax normally applies to the delivery of services or goods and is charged at a rate of 14% on the value of goods or services sold.

VAT registration is required for enterprises earning in excess of R1 000 000 per annum, however you may register voluntary should your turnover exceed R50 000 over a 12 month period.

Once you have registered for VAT you will be required to submit returns to SARS at one, two, four, six or twelve monthly intervals.

Failure to comply and not submit required returns, as stipulated by SARS, can bring about large penalties and legal implementations.

Personal & Provisional Tax Returns

Personal Tax Returns
E Filing
Provisional Tax Returns

Shamu Bookkeeping Services tax consultants will assist you in the above returns.

SARS Penalties

The new penalties system came into effect on the 1 January 2009 and provides for stringent penalties for non compliance, which are determined according to the taxpayer’s taxable income and range from R250 up to R16 000 per month.
Penalties can be levied for a range of non-compliance offences such as

Failure to register as a taxpayer
Failure to notify SARS of a change of address or other personal details
Non submission of supporting documents required by SARS
Failure to submit SATS Tax returns

Once the penalty amount has been determined according to the schedule below, the taxpayer is notified by means of an assessment notice (ITP34) that is sent to the taxpayer, this serves as a final letter of demand. Penalties must be paid by the due date as stated on the assessment notice.

Should the taxpayer fail to comply to this notice within 30 days of issue of the penalty assessment, the penalty amount automatically increases by the same amount each month. Failure to pay this penalty to SARS is deemed a criminal offence.

ASSESSED LOSS / TAXABLE INCOME	PENALTY PER MONTH
R0 – R 250 000	R250
R250 001 – R500 000	R500
R500 001 – R 1 000 000	R1 000
R1 000 001 – R 5 000 000	R2 000
R 5 000 001 – R 10 000 000	R4 000
R 10 000 001 – R 50 000 000	R8 000
OVER R 50 000 000	R16 000

PROVISIONAL TAX

You need to submit a IRP6 return if:

You have interest income that exceeds the exemption threshold ( R22 000 for persons under the age of 65 and R32 000 for persons over the age of 65)
If you are in receipt of business income which results in a tax obligation

You do not need to submit a IRP6 return if:

You only receive remuneration that is subject to PAYE
Your business income after expenses and deductions is below the threshold
Your interest income is below the tax threshold (as above)

DEADLINES FOR TAX RETURNS 2011

Postal and SARS drop box deadline

Provisional and Non provisional tax payers = 30th September 2011

Efiling and SARS In-Branch filing deadline

Non provisional tax payers = 26th November 2011
Provisional Tax Payers = 31st January 2011

Individuals and Trusts provisional tax deadlines

1st submission – 31st August 2011
2nd submission- last working day in February 2012

Company Tax Returns – 26th November 2011
Personal Tax Returns – 26th November 2011