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REMINDER NON-PROVISIONAL TAXPAYERS : 2021 TAX RETURNS DUE BY 23 NOVEMBER 2021
Please remember that all non-provisional taxpayers need to submit their 2021 tax returns by no later than 23 November 2021 to avoid penalties for late-submission.
The Income Tax Act has been amended to impose administrative penalties for non-compliance. These penalties are levied impartially, consistently and proportionately to the seriousness of the non-compliance and can vary from R250 to R16 000 per month, per return outstanding.
SARS “AUTO-ASSESSMENTS’
SARS will once again be issuing “auto-assessments” to a significant number of individuals this year, with this process commenced in July 2021. Taxpayers, who are selected for “auto-assessments” will be contacted by SARS via SMS. The taxpayer may then either accept the “auto-assessment” or file a tax return to edit the “auto-assessment”.
REQUIRED INFORMATION
In order to facilitate us in the completion of your income tax return we require certain information such as:
- IRP5 Certificates
- IT3(b) and (c) Certificates
- Vehicle logbook for the year: 1 March 2020 to 28 February 2021
- Medical Aid Tax Certificate
- Invoice and Receipts for Medical expenses not paid by medical aid
- Donations S18A certificates
- Retirement Contributions Tax Certificates
- Rental and/ or other Business activity income and expenses
- Disposals of fixed property or investments during the year
The above list is not comprehensive, and additional information may be required based on your unique tax affairs. Kindly forward the information as soon as you are able to, to the manager responsible for your portfolio at SDK or to tax@sdkca.co.za, to reduce the risk any late submission penalties.
PLEASE TAKE NOTE
If any of your details have changed during the past year, such as address, bank account etc. kindly include the new details when providing your current tax information.
Should you require further clarification, please do not hesitate to contact us at tax@sdkca.co.za.
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What Auto-Assessed Taxpayers Must Know as the November Deadline Looms
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For taxpayers who have been auto-assessed by SARS, the 23 November deadline to accept or edit the return/auto-assessment result is less than three short weeks away.
Failing to accept or edit the return by the deadline; or simply accepting the result of an auto-assessment on the assumption that SARS must be correct; or submitting an incomplete or incorrect tax return can result in paying too much tax, becoming liable for penalties and interest, and even facing criminal prosecution (a risk more likely than ever before with as many as 1 in 10 auto assessment returns being audited after submission).
A year after SARS first introduced auto assessments for the majority of taxpayers, this article considers what has changed and what is still important to know, and also provides 7 reasons why you should contact your accountant if you have been auto assessed.
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How To Get a R1.8m CGT Exclusion When Selling Your Small Business
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Since 2001, taxpayers in South Africa have been liable for Capital Gains Tax (CGT) on profits (capital gains) arising from the disposal of assets – at a hefty 18% for individuals.
There is a less well-known specific exclusion to the CGT payable on the disposal of a small business or its active business assets that provides certain small business owners with welcome CGT relief that could be a substantial boost to your future plans.
In this article, we provide a quick overview of the many conditions that apply before small business owners can claim this exclusion of up to R1.8 million; some examples to illustrate the substantial difference it can make to your future plans; as well as best advice for maximising this exclusion.
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Boost Your Business Plan – Build an Effective Website with These 6 Tips
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Building and maintaining an effective online presence should be at the heart of any business plan, and it may come as some surprise in 2021 that there are still a huge number of businesses with absolutely none. Owners cite the fact that they are “not in a digital industry” but they ignore the internet at their own peril. The truth is that an online presence is vital for boosting profitability in any business, even for brick-and-mortar stores that don't conduct e-commerce.
Further, in a world where 250 000 websites are created every day, it's important that the website you do have stands out, delivers on your brand promises and can be quickly and easily found by anyone who is looking. Here are six tips to make sure that happens.
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Cloud Computing Offers Small Businesses New Age Solutions for Less
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The last couple of years, and the prolonged lockdown, have highlighted the convenience of working remotely and migrating work to digital platforms.
“Cloud computing” is one of the trendier buzz word phrases that have increased in popularity, but what exactly does it mean and how can it benefit your business?
Simply put, cloud computing refers to the on-demand access to work through computing software and applications, data storage and networking capabilities via the internet, and - equally as important – in real time and remotely.
This is a big advantage, considering that businesses can save on certain running costs, including decreased logistical expenses. The process however has it challenges and SMEs looking to adopt cloud computing should consider a number of issues.
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Your Tax Deadlines for November 2021
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- 05 November - Monthly Pay-As-You-Earn (PAYE) submissions and payments
- 23 November – End of Filing Season 2021 for Individuals (Non-Provisional)
- 25 November – Value-Added Tax (VAT) manual submissions and payments
- 29 November – Excise Duty payments
- 30 November – Corporate Income Tax (CIT) where applicable
- 30 November - Value-Added Tax (VAT) electronic submissions and payments
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Disclaimer
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The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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