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 Tax Season 2020 – SMS or SOS?
 0
By hobbs_admin
In Blog
Posted August 18, 2020

Tax Season 2020 – SMS or SOS?

Many taxpayers will have received an SMS informing them of the result of their tax assessment. Please contact your tax practitioner if you have received a notification via SMS

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Hobbs Sinclair Chartered Accountants

2 weeks ago

Hobbs Sinclair Chartered Accountants

Do you have a tax strategy for your business? As featured in JustMoney ; Danielle Luwes, tax manager at Hobbs Sinclair, points out the following factors you should consider when planning your tax strategy.The structure of your company. The tax requirements and considerations for businesses are dependent on the type of business entity, whether a sole proprietorship, partnership, or private company – each with its own pros and cons in terms of set-up and tax benefits.Tax registration. The South African government levies a series of direct taxes and indirect taxes on citizens and companies operating in South Africa. Direct taxes include tax varieties, such as income tax, corporate tax, wealth tax, gift tax, and expenditure tax. Depending on factors such as turnover, payroll amounts, and whether you are involved in imports and exports, you could also be liable to register for other indirect taxes, duties, levies, and contributions, such as VAT, fuel duty, entertainment tax, PAYE, customs, and excise.The taxes you will need to pay and the amount. A company is required to pay income tax at a rate of 28% on its taxable income for the tax year, and dividends withholding tax at a rate of 15%. A sole proprietor is subject to income tax on their taxable income at rates ranging from 18% and 45%.Whether you qualify for tax relief. There are various allowances, exemptions, and special deductions stipulated in the Income Tax Act which you can take into consideration when putting together a tax strategy.Record-keeping. To prepare accurate tax returns, it’s vital to keep records of all company activities. Along with your income and expenditure, you must hold on to any information that may be required to support entries on your tax returns.
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