Assistance with Income Tax eFiling and Avoiding Penalties

income tax efilingWith new penalties being imposed on those who have failed to submit tax returns on time or not at all by the South African Revenue Service (SARS), it is best to get started on your income tax efiling sooner rather than later. If you are in a quandary as to which forms need to be completed, what supporting documents have to be included and by when submissions need to be done, it is best to put your tax concerns in the hands of the experts at Go Business.

What to Expect with Individual Tax Submissions

Although it may be a new tax year for companies, submissions for individuals will start soon. At Go Business, we would like to prepare you for what is expected during this income tax efiling season and how to avoid possible penalties that could be incurred should you fail to submit your annual tax return.

It is important to understand that as a salaried employee, an amount proportionate to your earnings has to be deducted from your monthly salary for PAYE (Pay As You Earn) which your employer is responsible for paying to SARS. As the tax season starts on 1 July and usually closes in November, your employer should furnish you with your IRP5 form before the deadline submission date.

Supporting Information and Documentation

Company and individual tax returns need to be submitted to SARS to calculate your tax liability based on the income declared and tax-deductible expenses that have been incurred during the tax year which, if completed correctly, could result in a refund.

We understand that navigating the efiling online portal can be daunting, specifically when additional documentation is needed, such as medical aid certificates and information regarding any company allowances that have been afforded to you. To circumvent any problems that may arise whilst completing company or individual tax returns, ensure that you have all the necessary supporting documents and that the information supplied is accurate. When it comes to income tax efiling, guesswork and estimates will be to your detriment. What you would prefer to avoid is paying SARS upon submitting your tax return.

What Type of Penalties Can be Imposed?

Should you choose to submit your company or individual tax returns after the deadline date issued by SARS or choose not to submit a return, this will result in administrative penalties. The amount will be dependent on your earnings and can range anywhere from R250 to R16 000 per month for every month that your return is not submitted.

How Can I Avoid Penalties?

The simplest way to ensure that your submissions are done on time and to avoid any penalties is to enlist the experts at Go Business to assist you with your company and individual tax returns, whether submissions need to be done directly at a SARS branch or through income tax efiling.

The Perfect Support Service Provider

At Go Business, we know how crucial it is for any company to succeed and provide solutions for several aspects of running a business. Our goal is to assist you in streamlining business operations so that you can focus on revenue growth, client retention, sales and profitability. Our highly qualified staff is just a call away and ready to provide you with superior service whether you need us to obtain documentation on your behalf, assist you with drawing up a business plan or take your payroll and HR experience to the next level. Let Go Business grow your business.

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