Tax services
1. Filing of returns for Income Tax, VAT and PAYE purposes
Filing returns for Income Tax, VAT, and PAYE involves submitting required documents and financial information to tax authorities for the purpose of reporting income, sales, and employee taxes.
Income Tax: Organizations disclose their taxable income, deductions, and credits annually through income tax returns. This includes details of revenue, expenses, investments, and other financial transactions, ensuring compliance with tax laws and determining the amount of tax owed or refundable.
VAT (Value Added Tax): Businesses report taxable sales, input VAT (tax paid on purchases), and VAT owed or refunded to tax authorities through VAT returns. VAT is collected on sales of goods and services and remitted to tax authorities, with returns facilitating accurate reporting and payment of VAT obligations.
PAYE (Pay As You Earn): Employers withhold income tax and National Insurance contributions from employees' salaries and remit them to tax authorities. PAYE returns detail employee earnings, tax deductions, and National Insurance contributions, ensuring compliance with payroll tax obligations and accurate employee tax withholding.
Filing returns for Income Tax, VAT, and PAYE purposes is crucial for businesses to fulfill their tax obligations, maintain compliance with tax laws, and avoid penalties or legal consequences.
As an independent NED, you're expected to bring objectivity, experience, and expertise to the boardroom discussions. You offer an outside perspective, which can be valuable in challenging assumptions, evaluating risks, and enhancing corporate governance practices. Importantly, you act in the best interests of the company and its shareholders, exercising due diligence and fiduciary responsibility.
2. Completion of Income Tax returns for companies and individuals
The completion of Income Tax returns for companies and individuals involves preparing and submitting tax forms to tax authorities, detailing financial information and tax liabilities. For companies, this includes reporting taxable income, deductions, and credits annually, ensuring compliance with tax laws. Similarly, individuals report earnings, deductions, and tax liabilities annually, reconciling their tax obligations with tax authorities. It is crucial for both entities to accurately calculate and submit their tax returns to maintain compliance and avoid penalties.
3. General tax advisory services
General tax advisory services involve providing expert guidance and assistance to individuals and businesses on a wide range of tax-related matters. In essence, general tax advisory services aim to help clients navigate complex tax regulations, optimize their tax positions, and achieve their financial goals while maintaining compliance with tax laws and regulations. Some example of tax advisory services are tax Planning, tax Compliance, tax Optimization, etc.
4. Assistance with interactions with SARS
Assistance with interactions with SARS entails offering expert help and advice to individuals and businesses when communicating, submitting documentation, and resolving matters with the South African Revenue Service. This assistance may include responding to inquiries, managing audits, handling disputes, negotiating settlements, and ensuring compliance with tax laws and regulations. The aim is to facilitate smooth and constructive interactions with SARS while safeguarding the interests and rights of taxpayers.
5. Tax clearance and in good standing certificates
Tax clearance and in good standing certificates are official documents issued by tax authorities to individuals or businesses, confirming that they have fulfilled their tax responsibilities and are compliant with tax laws and regulations. These certificates are typically required for various purposes, such as applying for government tenders, securing contracts, obtaining licenses, or completing financial transactions. They serve as proof that the taxpayer is up to date with their tax payments and obligations, providing assurance to third parties regarding their tax compliance status.