Written by Nicci
Posted 15 April 2020
Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.
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Written by Vee
Posted 12 April 2020
Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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Written by Marc
Posted 10 April 2020
You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.
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Written by Nicci
Posted 9 April 2020
We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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Written by Vee
Posted 8 April 2020
Written by Nicci
Posted 23 March 2020
Quarantine. Self-isolation. Coronavirus. These are the buzzwords for 2020, and once it is all over, words we’ll probably never want to hear again. In light of Covid-19, TaxTim offers the safest way to handle your taxes - online.
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Written by Marc
Posted 29 February 2020
Written by Nicci
Posted 14 October 2019
A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by entering all the times within the tax year they were not working.
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Written by Patrick
Posted 9 October 2019
From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience. When SARS has completed their audit, they send a letter called a Verfication of Asssment/Completion Letter. This has the following wording: VERIFICATION OF ASSESSMENT We refer to the verification of the assessment for the 20xx tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in ... We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually. You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you owe SARS some tax. There are three main options available to you, if you want to make a payment to SARS. You may have heard the recent announcement from SARS that certain taxpayers who earn less than R500 000 per year don’t need to submit a tax return. However, this only applies under very specific conditions so it is extremely important to understand these fully if you think you may be affected. You can read all about this rule here. This year SARS are taking things one step further. They ... TaxTim is seeing cases where taxpayers who had already submitted their documents in early July to SARS are, around ten days to two weeks later, receiving a further two letters from SARS requesting documents again. The one letter is the generic letter with the long list of documents, which was originally issued, while the second, contains a more specific request relating to the taxpayer’s tax return. Usually SARS issued an immediate assessment, however sometimes they do need to do a further manual check on their side. Often the reason for this is one of the following: With the tax season shortened this year by 3 weeks, the deadline to file by 31 October is just around the corner. SARS announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will impose monthly fines for late tax returns, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt, just as many of us have witnessed with the recent celebrity headlines.... We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year. On Monday 21st May, TaxTim conducted a simple survey of taxpayers who make use of the TaxTim services about their opinion on SARS’ proposal to shorten the tax filing season by 3 weeks. Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the w... Over the last few weeks, our helpdesk has received an alarming number of queries from taxpayers asking what they can do as their refunds are being held back by SARS due to a special stopper being placed on their account. It’s a complex situation and the only advice we've been able to provide has been for the individual to make contact with SARS directly to try resolve the matter.
The South African Institute of Tax Professionals (SAIT) issued a statement on Tuesday 20 September 2016 advising that they’re looking into the issue after numerous complaints had been raised... Tax compliance makes its way into many aspects of life and business. Perhaps you’re considering applying for a tender, or for a foreign investment allowance to move funds offshore, or even looking to emigrate and leave our shores. These are just a few examples of instances where you may be asked by a third party to provide a Tax Clearance Certificate. And until now, the course of action to obtain your certificate has been a tedious one. Upon request, SARS would check its records and verify that the taxpayer had filed all required tax returns, paid all taxes, penalties and interest due, before releasing a Tax Clearance Certificate confirming a good standing... New Finance Minister Nene delivers his first budget with some “better than expected” tax increases. The fight against corruption was highlighted with the minster announcing a series of reforms and procedures to be introduced both to curb corruption and make doing business with the state easier. The minister announced that R25bn would be saved in expenditure over the next two years, but R16.8bn is to be raised this year via tax increases and a remarkably large rise in the fuel and road accident fund levies. To be honest, we expected greater tax increases from the minister, thankfully he spared us some of the pain! ... SARS has typically been quick to refund taxpayers who have filed their tax returns and are due a refund, with money appearing back in their bank accounts smoothly and reliably, often within a day or two.
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Verification of Assessment - what now?
Written by Marc
Posted 25 September 2019
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Return Status ‘Filed through Branch’ " What Does This Mean?
Written by Nicci
Posted 13 September 2019
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Making payments to SARS
Written by Nicci
Posted 5 September 2019
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SARS has done a ‘simulated calculation’ for me " what does this mean?
Written by Nicci
Posted 19 July 2019
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Why is SARS requesting my supporting documents again?
Written by Nicci
Posted 15 July 2019
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What should I do if I have no assessment from SARS after having filed a return?
Written by Marc
Posted 11 July 2019
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File by 31 October or face heavy fines and potential legal action!
Written by Nicci
Posted 11 October 2018
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Why have I received a smaller tax refund from SARS this year?
Written by Marc
Posted 23 July 2018
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What to expect after submitting your tax return to SARS
Written by Marc
Posted 23 June 2018
As soon as tax season opens in July, many taxpayers rush to submit their ITR12 tax returns as early as possible, eagerly hoping for a nice refund.
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How Do Taxpayers Feel About The Proposed New Filing Deadline?
Written by Nicci
Posted 28 May 2018
An email was sent out containing the following:
“SARS recently published a Draft Notice of who needs to file a tax return and when tax returns will be due for the 2018 tax season. SARS are planning to move the submission deadline 3 weeks earlier to 31st October 2018 for all non-provisional taxpayers. ...
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The Dangers of DIY Tax: How to Avoid Disaster
Written by Vee
Posted 13 November 2017
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Penalty FAQs
Written by Nicci
Posted 6 March 2017
What is a recurring penalty? OR What are recurring SARS penalties? OR What does it mean to receive a penalty?
This is a penalty for non-submission of your returns in previous years. You need to see which returns you have not submitted and submit them ASAP. You also need to make payment to SARS for this penalty, but you would have to call them on 0800 00 7277 or log onto SARS eFiling to get a current statement of account and know exactly what they want from you.
Special Stopper at SARS: What We Know For Sure
Written by Vee
Posted 22 September 2016
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What You Need to Know About Changes to the Tax Clearance System
Written by Vee
Posted 23 February 2016
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Thank you Minister - we expected worse! 2015 Budget
Written by Marc
Posted 25 February 2015
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What's the delay with getting my SARS Refund?
Written by Marc
Posted 6 August 2014
However since the opening of this tax season on 1 July 2014, the process appears to have changed and suffered a few hiccups along the way. From the queries we have received over the last month from multiple confused taxpayers, it would seem that thousands of refunds were first paid out, then reversed...
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