Bullivant Accounting is an organisation that is at the forefront of Accounting and Tax services. Our core purpose is to ensure that all our clients are knowledgeable in industry trends and organisational efficiency.
Our tax services are comprehensive in nature and we can assist you in the following:
Assisting individuals to receive tax refunds due, provisional tax return submissions as well as annual tax return submissions. In addition to this we also resolve tax discrepancies on your behalf which includes access to E-Filing, SARS verification requests, Submission of Objections and Submission of Appeals.
In order for the tax return to be as seamless as possible, here are 5 tips to follow:
1. Keep a consistent record of financial statements and information
Before your financial statements are reviewed and audited for a potential tax return, business owners should keep their financial information in consistent format and properly managed data bases of financial information.
2. Understanding thresholds and allowances that you qualify for
Aspects such as holding funds in foreign currency or assets outside South Africa that has a combined total value of more than R225 000 during the tax year should be taken into consideration when applying for a tax refund. Allowances are also imperative to distinguish in terms of business travel and various categories of expenditure.
3. Know which documents are required when submitting a tax return
The revenue collector has noted that taxpayers are not required to file a return will receive a simulated outcome from SARS. These notices indicate specific documents required.
4. Be cognisant of the tax submission dates
Tax returns and deadlines in South Africa for the Income Tax Return submission dates are on the 4th of December 2019 and provisional tax payers have until 31 January 2020 via e-Filing.
5. Know how additional allowable tax related deductions are claimed
Understand how aspects such as medical expenses, retirement annuities and travel expenses are calculated for the tax return.
Contact Bullivant Accounting for more information.