Latest Posts in TaxTim's Blog

Top Questions on IRP5s



Top Questions on IRP5s

It’s that time of the year again and employers are issuing their employees IRP5s for the 2019 tax year. An IRP5 is a tax certificate which shows the total employment income that you earned for the tax year, the total employment related deductions that were taken from your income and paid over to either a retirement fund (pension, provident or retirement annuity fund) or a medical aid and the total tax  (PAYE, UIF and SDL) that you paid...

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Tax Treatment for Uber Drivers



Tax Treatment for Uber Drivers

If you are an Uber driver, you use your own vehicle/s to generate your income and you determine your own working hours, you will be treated as being self-employed  (i.e. an independent contractor) for tax purposes.

Since you do not earn a salary, you should be registered as a provisional taxpayer with SARS.

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A basic overview of the Balance Sheet and Income Statement



A basic overview of the Balance Sheet and Income Statement

From our numerous interactions with small business owners, it seems that many draw up the company’s financial statements by themselves, without engaging the services of a professional. Many don’t use accounting software but opt for a simple excel spreadsheet instead. Although this is cost-effective, it can be a daunting task, particularly for those with a sketchy (or non-existent) accounting background.

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Capital Gains Tax (CGT) Top Questions



Capital Gains Tax (CGT) Top Questions

Below we take a look at Capital Gains Tax, particularly relating to the primary residence exclusion. What we’ve covered are some of the most pressing questions asked by our users on our help-desk. Take a few minutes to read the Q&As. Hopefully what has been unpacked in these Q&As will benefit and assist you with any uncertainties you might have experienced regarding this topic.

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Home Office Expenses/Deductions



Home Office Expenses/Deductions

Flexible employment is becoming increasingly popular, many taxpayers spend some (or all) of their time working from home. If certain conditions are met, taxpayers are allowed to claim a portion of their office running costs as a tax deduction on their tax return. However, please note that SARS usually flags these returns for audit. If you do work from a home, take a read of our home office blog and also check out our handy decision tree to make 100% sure you are claiming this expense correctly.

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How to cruise through a travel audit efficiently



How to cruise through a travel audit efficiently

Surely most of us love to travel, but traveling for business purposes is no fun when it comes to completing your tax return.

SARS has some rather onerous requirements, but as long as you know what you need, submitting your documents to SARS should be plain sailing.

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Tax and winnings



Tax and winnings

It's always wonderful to win a prize or a competition – however, many people don’t realise there may be tax consequences attached.

This week we thought it would be helpful to remind you what to look out for, should you be the lucky recipient of one of the below:

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SARS and medical disability



SARS and medical disability

We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. This week, we will focus on this issue and hopefully help other taxpayers out there who may have the same questions.

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Retirement Funds



Retirement Funds

This week we received some questions from our users on retirement fund contributions and the laws that govern it. We hope that this helps you as you start gathering your documents for the new tax season.

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Rental Property: Top Weekly Questions



Rental Property: Top Weekly Questions

If you own a rental property, then this week’s top questions are specifically for you! Read on to find out more.

1. We paid off our home loan 5 years ago - nil balance due. However, we will have the loan available to borrow from as the term of the loan is not complete (we still have 90 months left).

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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?



Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?

We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:

They work for two employers during the year, perhaps even at the same time and earn income from both. Each employer deducts employee’s tax (PAYE) from the taxpayer’s salary every month and issue them with an IRP5 after year end.

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Top 5 Weekly Tax Questions



Read on to see this week’s top five burning questions received to our Helpdesk this past week.  Hopefully this helps you too as we once again shed light on some common tax issues.

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1 March 2020: Expats alert, tax changes are coming your way!



1 March 2020: Expats alert, tax changes are coming your way!

In 2017, National Treasury announced that there would be changes to the Foreign Employment income Exemption. These changes were intended to target those South Africans working overseas on expat contracts, who had not formally emigrated and were intending to return ‘home’ to SA at a later stage. The proposed amendments would have seen South Africans working overseas in lo...

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Tax Return, Rebate and Refund Explained



Tax Return, Rebate and Refund Explained

When it comes to tax jargon, most people prefer to bury their heads in the sand instead of trying to understand all the confusing terms that tax practitioners use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.

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Budget 2019: What did the Minister deliver?



Budget 2019: What did the Minister deliver?

Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.

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Latest Top 5 weekly round up



Once again we bring you our top five most-asked questions we’ve received to our Helpdesk this past week. Hopefully this may help others who have been puzzling over the same issues.

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Budget 2019: TaxTim’s predictions



Budget 2019: TaxTim’s predictions

Budget 2019: TaxTim’s predictions

Finance Minister Tito Mboweni will be in the spotlight next week when he delivers his maiden budget speech on Wednesday, 20 February to the nation. 

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SARS are sending me SMSs demanding payment but I have raised a dispute - what must I do?



SARS are sending me SMSs demanding payment but I have raised a dispute  - what must I do?

We have been contacted by many concerned taxpayers who have received SMS’s from SARS demanding urgent settlement of their tax debt in order to avoid legal action.

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S12J VCC Tax Incentive



 

 
Guest Blogger: Albertus Marais Director of AJM tax consultants and an independent director of 12Cape Ltd, a registered VCC.

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TaxTim’s top tips for Provisional Taxpayers



TaxTim’s top tips for Provisional Taxpayers

  1. Don’t offset losses – SARS may not allow this

If you run a business or rental property, which is running at a loss, don’t offset this loss against other taxable income you may have when calculating your estimated taxable income for your provisional return.

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Tax Round Up: Top 5 Weekly Questions



We have identified the top five most-asked questions from our users on our TaxTim help-desk this past week. Take a look below to see what has been confusing taxpayers the most. 

  1. Which provisional return (IRP6) is due now?

The provisional tax return for the 2019 second period, which covers your income from 1 March 2018 to 28 February 2019, is due on Thursday the 28th of February 2019.  Try to submit your return and make ...

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What does a Completion Letter from SARS mean?



Completion Letter

You will receive a Completion Letter if all goes well and SARS is happy with your documents. This means that SARS is not adjusting your Original Assessment and if you have a refund due, it should be paid out in 7 working days (provided you have no tax debt due or outstanding tax returns from prior years). Similarly, if you owe tax to SARS per your Original Assessment, the amount you owe will remain unchanged.

An example of a...



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I submitted all my documents to SARS ' They've asked again. Why?



I submitted all my documents to SARS '  They've asked again. Why?

We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.

The letter we are referring to here is the generic SARS document request which looks like the below:

The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.

The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....

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Black Friday Survival Tips



Black Friday  Survival Tips

It's that time of the year again - Black Friday!

We'd like to assume that you've probably been inundated with nothing but sale specials in your inbox . While others have managed to plan ahead to ensure a pleasant shopping experience, other consumers will shop wildly and randomly during this highly anticipated sale bonanza. With so little time to spare we've put together 3 important things to remember this Black Friday:

1. Compare your options

Sometimes brand loyalism should be left at home...

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Where do I get my IT3(b) tax certificate from?



Where do I get my IT3(b) tax certificate from?

When we finally decide to complete our tax return, the last thing we want is a delay in finding that last piece of missing information. In case your bank or investment fund hasn't sent you your IT3b tax certificate by mail or email earlier in the year, here are the fastest ways to download your tax certificate online in record time.

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