Although SARS claims that completing your own tax return is easy, the processes itself is not, and seeking the assistance from a trained professional is guaranteed to help you through this process. Take a look at our case study for an example.
Mr. Jonas owns a plumbing business, which he runs as a Sole Proprietor. Hoping to save some money, Mr. Jonas opted not to consult an expert and completed and submitted his own tax return – following the SARS provided guidelines.
During the course of the tax year, Mr. Jonas had earned a total of R 750,000 (after expenses on a turnover of R 900,000). As he was unaware of the Income Tax Act or its provisions, Mr. Jonas ended up paying SARS a total value R 215,292. According to his calculations using the SARS provided tax tables (2016), the value was correct, and Mr. Jonas proceeded with the final payout.
Without proper knowledge of the various options for submitting tax returns as a small business, Mr. Jonas lost a hefty sum of money. Had he taken the time to contact a trained professional, the sum of money would have been considerably less.
The Tax Shop Muizenberg assesses each individual and small business holistically and considers all of the available tax claim options that the average taxpayer is generally unaware of.
In the case of Mr. Jonas, the Tax Shop Muizenberg would have analysed his business and assisted him in applying to SARS to be registered for Turnover Tax as his turnover did not exceed R1m.
- In opting for the Turnover Tax, Mr. Jonas would have paid R11 150.
Therefore, Mr. Jonas could have saved paying tax to the amount of R 204,142.
We highly recommend making use of the services provided by trained professionals, especially in the case of submitting tax claims. The Tax Shop Muizenberg accountants are experts in the field of taxation and are able to provide you with the best advice in submitting your tax returns and dealing with SARS.
If you are looking for a tax professional during the annual tax claim season, contact The Tax Shop Muizenberg today. To make this even easier for you, we are offering a special 20% discount to each new taxpayer who wishes to try out our service.
* Discount voucher valid until 31 October 2016.