Learning about taxes is something that most people learn along the way and it can sometimes be daunting as a first-time taxpayer, small business or ensuring that your corporation gets the necessary paperwork done on time. With the 2018 tax season well underway, it is important to get yourself organised, registered and get your return filed by this year’s deadlines (click here for more information on the 2018 tax year).

If you are still feeling challenged about the forthcoming deadline, here are tips to get yourself prepared:

Check if you qualify & get registered

Are you new to filing a tax return? The South African Revenue Service’s (SARS) easy to navigate website highlights the processes you need to undertake to get your financials in order and if you qualify to pay personal income tax. Registering for e-Filing is a process to eliminate having to go in to a SAR’s branch near you every year. You will be required to verify your information once off with a proof of residence, certified ID copy and a current bank statement; and unless your information changes, you can submit your tax returns from the comfort of your home or office annually. You have 21 days from registering your e-filing account to submit your supporting documents to a SAR’s branch near you. Register here.

What is an IRP5?

An IRP5 is your tax certificate that is issued at the end of each tax year, detailing your income, deductions and taxes for the previous tax year. If personal income taxis deducted from your earnings every month, requesting your IRP5 from your employer ensures that your tax return and company filings are matching up. Your employer cannot deduct personal tax on your behalf and not pay it over to SARS.

Get organised

Get any extra paperwork in order, for you and/or your business:

-Ensure your accounting records are up to date.

-Be in possession of current annual financial statements.

-Medical aid certificates and proof of any other medical aid paid (both invoices and proof of payments)

-Ensure you have accurate log books.

-Include copies of your car/s purchase invoice.

-If necessary, include any rental income statements

-and documents supporting any capital gains/losses that may have been made.

At this point, the tax deadline might seem far away, which gives you time to review your personal income and expenses. Simplify your process by asking questions,seeking professional help if necessary, avoiding hefty fines by filing correctly, on time and by making use of online processes.

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