Frequently Asked Questions
Some answers to your questions. Let us know if you have any more questions not answered below!
WHAT RECORDS ARE REQUIRED TO PREPARE MY TAX RETURN?
- This depends on what type of tax returns you require. As a rule, the following is required.
- Bank Statements (Reconciled to the End of the Year)
- All Hire Purchase, Lease and Loan Documents relating to your business or investments
- Details of all your income from Investments, Capital Gains, Interest or Business
- Details of all Expenses relating to your income earning
- Copies of All Business Activity Statements lodged and any working pages
- Tax returns from previous years
- Details of your previous accountant if you operate a Business
WHAT IS THE BEST WAY TO KEEP MY RECORDS?
- The simple answer is that there is no “best” way. Most people hate that answer; however, it is true.
- There are two factors to consider:
- The size and structure of your business; and
- The personalities of you and your staff.
HOW DO I KNOW IF THE VAT REGISTRATION NUMBER IS VALID?
- You can verify a VAT registration number by using the VAT vendor search facility on SARS e-filing.
HOW CAN I CLAIM THE YOUTH EMPLOYMENT TAX INCENTIVE?
- The employer will calculate and claim the incentive monthly and must follow these steps:
- Identify all qualifying employees in respect of that month.
- Determine the applicable employment period for each qualifying employee.
- Determine each employee’s monthly remuneration.
- Calculate the amount of the incentive per qualifying employee.
WHAT IF I FORGOT TO PAY VAT ON THE DUE DATE?
- Late payment of VAT will attract a penalty and interest.
WHEN SHOULD I PAY PAYE/UIF/SDL TO SARS?
- PAYE/UIF/SDL must be paid within 7 days after the end of the month during which the amounts were deducted.
WHO SHOULD I PAY MY EMPLOYEES’ UIF CONTRIBUTIONS TO?
- It is the employer’s responsibility to register employees and make monthly payments.
- These payments include a 1% of the employer’s contribution and a 1% of the employee’s contribution.
Contact Us
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