Tax Services
Navigating the complicated world of taxes
The world of tax legislation and SARS compliance is both intricate and multi-layered. Across every industry and business type, there is a need for tax returns. And to stay compliant and meet the legal requirements in South Africa every tax season, you’ll need to ensure all your accounting needs are met and your documentation is in order.
Our service
What our tax services include
At Thryv Accountants, our Tax Services offer a wide range of comprehensive solutions that will assist you and your business through every step of the tax return and compliance process.
As a South African business owner and taxpayer, we will ensure you are up-to-date with all relevant tax preparations and submissions to ensure your business is SARS-compliant.
Our tax services include:
- Financial Statements
- Preparation and submission of all SARS returns (VAT, Withholding Tax, Provisional Tax & Income Tax, etc)
- EMP501, PAYE, SDL, UIF, UI19, and other relevant returns
- Monthly EMP201 submissions
- Bi-annual EMP501 submissions
- UIF Returns
- And a wide range of other services
definition
What are tax services?
Tax services include a wide range of factors that assists your business or organisation through the complicated world of tax regulations. This is done to make sure you are compliant with the tax laws in South Africa and remain in good standing with SARS.
These services include the preparation and filing of all tax returns, expert advice and planning, and guidance from us on the best options for tax optimisation through brainstorming strategies and incentives to help with your tax returns and maximise the benefits.
Ultimately, tax services are the bedrock of any business, aiming to eliminate liabilities and non-compliance, while helping your business to get the best tax benefits possible. We stay updated with the latest tax regulations and system changes within SARS and use our expert training to tailor unique solutions for your unique business needs
A wide range of different taxes are covered, such as income, corporate, and withholding tax. Whether you need help with a new business and registering your company in order to register with SARS or simply need help preparing your tax returns for the new tax season – Thryv Accountants has got you covered.
What are the types of taxes in South Africa?
Most businesses and business transactions fall under one of the tax categories. One of the most common types is VAT tax. For businesses that are registered as vendors through SARS, VAT tax is mandatory. Income tax is also one of the most common types because all income and profit are taxed through income tax, including investment income, royalty income, and income as a beneficiary of a trust account.
The main different types of taxes in South Africa include:
- Income
- VAT (Value Added Tax)
- Capital gains
- Provisional
- PAYE (Pay As You Earn)
- Transfer duty
- Turnover
- And other types
Application of tax
When are tax services applicable in South Africa?
Tax returns are required for most businesses in South Africa every tax season, also known as the tax year. If you don’t submit your tax returns in a timely fashion or follow the accurate protocol, there are unavoidable penalties from SARS that will affect your business.
By ensuring you follow the right process and submit your returns during the allocated months, you can avoid any unfavourable repercussions. And this is best done through tax services.
When do businesses need tax services in South Africa?
Every tax season, businesses in South Africa need to file and submit their taxes. The tax season, or tax year, begins on the 1st of March and runs to the last day of November. Thus, every year from July to November, businesses need to have their tax records and relevant documentation in order and submit the annual tax return for the previous year.
The documentation you need to submit depends on your business type, the turnover of your business, your number of employees, and many other factors. There are corresponding documents for this, such as your EMP501, EMP201, and SDL. This is why it is so vital that business owners consult with professionals to make sure every aspect of tax returns is prepared and submitted perfectly.
The penalties for noncompliance or incorrect submissions can be costly and should be avoided.
Get peace of mind
What are the benefits of outsourcing tax services?
Business finance and tax compliance can be overwhelming in their complexities. As a business owner, there are many factors in motion that are vital when preparing your annual tax returns.
Missing one component or incorrectly preparing your returns can cause repercussions that will affect your business for a long time. Thus, it is so important to know that you have a professional who has the necessary expertise to handle these intricate affairs for you.
Above all else, the peace of mind you get from knowing every factor of this essential process is completed on time, in accordance with the law, and will maximise the tax advantages through expert knowledge – is why so many business owners outsource and reap the benefits of tax services.
Reach out to Thryv Accountants for all your tax services requirements
You can reach out to us for more information on how we can help prepare your business for the tax season. Schedule a call or drop us a message and we’ll get back to you with all the relevant details on how you can get started.
