Preparing for Tax Filing Season

 

tax-preparation-services

The tax season is right around the corner in South Africa. The South African Revenue Service (SARS) just announced a few days ago that the income tax filing dates for 2023, starting from the 1st of July (next month) till the 24th of October, 2022. As compared to the last few tax seasons, this year is thought to be condensed because of the COVID-19 affecting the last two tax filing season.

That's why it's highly important for taxpayers to be geared up and have all of their documentation in place so that they don't have to face any inconvenience when it's time to file their income tax. However, filing taxes isn't a piece of cake and can be quite complicated for some people. That's why, in this post, we'll discuss how taxpayers can prepare for the tax filing season.

Things To Keep In Mind For Filing Income Tax

While paying taxes is important, it can be quite overwhelming for some people who have absolutely no knowledge about it. That's why such people will often reach out for help from companies providing accounting services and/or income tax services. The South African Revenue Service has laid out some guidelines which should give taxpayers a basic idea of some of the things they should have on themselves.

Important Documents

For example, taxpayers have been advised to keep a record of their employee's tax certificate which is also referred to as the IRP5 certificate. However, if they don't have that then they should keep a record of the payslips they received throughout the year.

People who are part of the medical scheme should have an income tax certificate dating from the 1st of March till the 28th of February. Also, people who aren't part of the medical scheme are asked to show proof of medical expenses that were paid by them and not the medical scheme.

If anyone made donations throughout the year, they also need to maintain a record of that or have an S18A certificate. All in all, taxpayers should have all of their supporting financial documents on hand if they are ever needed by SARS.

Penalties

Taxpayers who believe that their income tax has been calculated wrongfully can file for an ITR12 and need to submit the accurate assessment within forty days of filing it. Taxpayers who fail to adhere to these guidelines face a risk of incurring administrative penalties.

tax statement drafted after hiring an accountant

Even though we have covered the basics of getting ready for the tax filing season, people who still need additional income tax services should reach out to ANM Auditors. They are a South-African company that provides accounting services such as payroll services, tax preparation services, income tax services, and more. Contact them to learn more about them.

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