News

IRP 5 Deadline - 31 May 2011

As you know it is the duty of the employer to furnish their employees with an IRP 5 certificate within the prescribed period each year.

If you would like our assistance in this matter the charges are R950 for the reconciliation and R350 per certificate.

The deadline is 31 May 2011.

For more information, please contact Michelle Busch on michelleb@kirkmanlanfear.co.za or 021-4656023 ext 146.

Please also visit the SARS website at this address:
http://www.sars.gov.za/home.asp?pid=3786

New VAT201 form effective 11 April 2011

Please be advised that a new VAT return form is being implemented.
Please see notice from SARS which you can download here.

New Companies Act - Directors Guide

You can download a guide for Directors of Companies here, with our compliments. This booklet details anything you need to know about being a director.

2010 TAX SEASON

The 2010 tax season started on 1 July 2010, with the following important deadlines:
- for all taxpayers filing manual returns - 30 Sep 2010
- for all non provisional taxpayers (including trusts) using eFiling - 26 Nov 2010
- for all provisional taxpayers (including trusts) using eFiling - 31 Jan 2011.
- for all corporate entities - 12 months after their year end

Failure to meet these deadline can result in significant penalties.

See http://www.sars.co.za/home.asp?pid=57785&Reference_ID=9123778 for more info.

PAYE RECONCILIATION REQUIRED FOR AUGUST

SARS now requires that employers submit a PAYE reconciliation as at end August each year, in addition to the Annual PAYE reconciliation which is to be submitted for the full tax year ended February each year.
The pdf document explaining this procedure can be downloaded at www.sars.gov.za or here.

Cheques made out in favour of SARS

Please note that, with effect from 1 April 2010, SARS will no longer accept cheques which are not made out to SOUTH AFRICAN REVENUE SERVICE......no abbreviations will be accepted.....this could result in penalties if the cheque is rejected, so be warned!!

SARS Penalties

Please note that SARS is now imposing penalties for the late submission of tax returns. Even if there is a loss, SARS will charge a fine of R250 per month for which the tax return is outstanding.
This fine increases with the taxable income, going as high as R16 000 per month where the taxable income is R50m.

Action to take -> ensure all tax returns for which you are responsible have been submitted timeously.

New Website

If you have been to our website in the past, you may now notice that we have upgraded our website recently, thanks to Inky3d.
We are pretty excited about it (the old one was very old!!) - please let us know if you'd like to see anything special here.

Warning - email scam

Please be warned that there is an email doing the rounds supposedly from SARS. It advises that you have a tax refund waiting for you and requests that you click on a link to claim it.
This is a scam - delete it immediately.

Travel Allowances

With effect from 1 March 2010, you will only be able to claim travel expenses against your travel allowance if you maintain a log book of your business travel.

A log book template can be downloaded at www.sars.gov.za.