TAX SERVICES
Tax Clearance Certificates
This important document which simply shows that the company is complaint with all the SARS obligations form Income Tax, VAT, PAYE and outstanding debts. This document ease the company way to all other regulatory check points where it is a basic requirements to access the tendering process, the financial institutions also needs this document to process funding and the National Treasury central database system (CSD).
Magodo Wa Vhadau Consulting are experts in all SARS matters and will make sure that at all times the compliant status on the SARS matters is always compliant.
Income Tax Registration
Income tax registration for any company in the Republic is compulsory and as soon as the company is registered it must immediately register its corporate status with SARS to pay annual income tax to SARS from the annual profit it generated in the financial year.
VAT Registration
Vat registration is compulsory for all entities with annual revenue of over 1 million rand and optional if revenue is R50 000.00 per annum and above.
There some other occasion where it will be compulsory to register for VAT, like certain contracts the company may secure from the government it will be required to register for VAT.
Income Tax Return Submission ITR14
This is the obligation for any registered company in the Republic to complete and submit annual return to SARS as per Tax Administration Act.
Magodo Wa Vhadau Consulting are specialist and will help your business to comply in this regard and within the allowed period.
There is also an option of paying the annual income tax in advance in the form of provisional tax where a company pay tax in advance as a provision and if the actual income tax to be paid is less than the provision therefore SARS will pay back the overpaid tax back to the company.
VAT Return Submission VAT201
The company will be classified by SARS to a specific VAT declaration period as qualified either one month, two months up to six months. Two VAT taxes should be declared and the different between these two VAT Taxes, Output Tax and Input Tax, will be a refund or payable to SARS.
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PAYE Return Submission EMP201
Companies must declare its PAYE, UIF, SDL Workmens’Compensation and other contribution every month. All these contributions must be declared to SARS, and SARS will channel relevant contributions to the relevant intuitions for allocation.
Magodo Wa Vhadau Consulting will help you with this monthly submissions and determine the correct PAYE threshold.
PAYE Reconciliation and SubmissionEMP501
This PAYE reconciliation is done twice a year and it focuses on the PAYE paid to SARS by the employer and the information on the payslip, if there are differences, these differences should be corrected so that we SARS info about PAYE is the same as the info in the company.
IRP5 Reconciliation and Submission
An Employer has a duty to record each and every employee payroll details for the sake of annual reconciliation for PAYE tax. The employer is obliged to issue IRP5 to each and every employee for the employee to submit individual tax/ITR12.
This to be easily done the PAYE needs to be completed on a monthly basis.
PAYE/SDL/UIF Registration
Official registered company in the Republic with employees under its payroll should register for PAYE at SARS to pay employees tax to SARS on a monthly basis, In terms of Tax administration Act / Labor Law Act. Employer must contribute certain percentage towards UIF of its employees In terms of Tax administration Act / Labor Law Act. Employers must contribute certain amounts towards Skill Development Level on behalf of the qualifying employees.
We will help with the registration as well as the monthly admin towards these functions.
Lodging of Tax Objections
If they are disputes with SARS regarding SARS issues, we deal directly with SARS and resolves the matter soonest.
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Capital Gains Tax
Capital goods that are disposed off during the year of assessment if it yield gains this gains attract CGT.
Tax Planning
There are certain transaction that can be delayed because of the tax benefit, eg 31 December or 1January. Foreign tax versus Local tax and exports versus imports.
Advanced Tax Computation
All the complex SARS matters we deal with them direct with SARS as Tax Practitioners.
Estate Duty and Planning
Trust
Trust registration and management of trust including record keeping, tax submission of returns and preparations of financial statements.
There are two kinds Trust :
- Inter vivo/Living TrustÂ
- Testamentary Trust/Will