Tax 2 - Fenns Chartered Accountants and Auditors

Are You Ready for the Next Provisional Tax Deadline?

The second provisional tax deadline for the 2025 tax year is just days away (28 February 2025). It’s the trickiest and most important provisional tax deadline of the tax year, because the income estimates on which it’s based must be highly accurate. Estimates that don’t fall within 80 – 90% of your actual taxable income can expose taxpayers to a stiff 20% under-estimation penalty. We can help you to meet this important deadline and ensure that it meets SARS’ stringent criteria for compliance and zero penalties.

Business, Good to know, Tax

Starting a New Business? Here Are the Tax Implications…

Starting a new business isn’t just a challenging undertaking. It also comes with a list of tax liabilities and administrative obligations. Not to mention an impact on the business owner’s personal tax affairs. This overview highlights not only the compelling case for prioritising tax planning when starting a business, but also the reasons why your accountant is a must-have from Day 1...

Business, Tax

To Host or Not To Host a Year-End Party?

Should your business host year-end functions for staff, clients and suppliers? While there’s no obligation to have an end of year shindig, it may be a long-held tradition in some companies or an expectation among suppliers or clients in certain industries. There are a few business benefits to hosting an event, along with a few cons and tax implications. This article will help you make the right decision for your business.

Tax

Can You Afford to Work Overseas? How Double Taxation Agreements Work

If you live in one country and work in another, you may already be aware of the threat of double taxation. Your country of residence may want to claim tax for the services it provides, while the country you work in may want their income taxes too. It’s a tricky scenario that changes depending on the specific circumstances. To try and prevent this from happening, South Africa has entered into Double Taxation Agreements with 79 countries. But even when the law’s on your side, it can still be confusing. Read on for the lowdown…

Good to know, Tax

Global Corporate Tax Changes: Advice Is More Crucial Than Ever

There have been significant shifts in the corporate income tax landscape of late – not only in South Africa, but across the globe. The global minimum tax is a pertinent example. And although its immediate impact is on large multinationals, the changes could well benefit local businesses in the long term. This and other pivotal changes in global and local company income tax (CIT) regimes underscore how important the right tax advice is for businesses of all sizes in today’s fast-changing business world.

Tax

Do You Qualify for These Tax Rebates? Let Us Check!

Tax season isn’t all bad. Did you know that SARS offers a plethora of rebates, deductions and incentives to both individual taxpayers and businesses? When correctly applied, these tax relief measures can make a substantial difference to your tax liability. This is where we come in. We can check which of the various tax relief measures listed in this article apply to you, your company and your employees, making sure you don't pay more tax than you should – and potentially achieving significant savings.

Tax

Top Tips for a Hassle-Free Tax Season 2024

Tax Season 2024 is now open! We’ve put together a list of the timelines and changes for every type of taxpayer. Luckily, you don’t have to worry about the finer details, as we’ve got your back. Our team is familiar with all the requirements, up to date with the changes for this filing season, and ready to implement our streamlined processes. We won’t just make your Tax Season 2024 hassle-free; we’ll also save you time and money.

SARS, Tax

Provisional Tax: Are You Ready for the Crucial 29 February Deadline?

Especially for taxpayers required to make provisional tax payments on income as both individuals and as owners of companies, it may seem that a provisional or final income tax deadline lurks around every corner, with the next and crucial second payment deadline for most companies and individuals just a few short weeks away on 29 February 2024. Given the numerous declarations and payments overlapping through the year, provisional tax is among the most confusing aspects of the tax regime, and the most heavily penalised, making professional assistance essential when attending to provisional tax responsibilities.

News, Tax

Budget 2024: The Minister of Finance Wants to Hear from You!

Finance Minister Enoch Godongwana has invited the public to share suggestions on the 2024 Budget he is expected to deliver on Wednesday 21 February 2024.

SARS, Tax

Corporate Taxpayers: Hello Tougher SARS Verifications

While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form - appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process.