Company Income Tax Returns

How the process works.

1. Determining whether the company has a public officer

Whether your company has a public officer appointed at SARS, will determine whether you can get access to eFiling. Without access to eFiling, it is not possible to submit your tax returns. All private companies, close corporations and non profit companies need to have a registered public officer at SARS. We can assist you to appoint a public officer at SARS. This is a very important step to take for all new companies, as well as for companies that are a few years old and have never submitted tax returns. This process can take up to 21 business days. Therefore it is important to get it done as soon as possible.

2. Has the company traded?

All companies are required to submit tax returns, whether it has traded or not. Failure to submit tax returns will result in SARS issuing admin penalties. The admin penalty is R250 per month, per return, which can accumulate to a huge amount if left unattended.

If the company has not traded, the returns can be submitted as dormant.

Otherwise, if the company has traded, it has to compile financial statements for the financial years in question. The information on the financial statements will then be used to submit the tax returns. We can assist in compiling the financial statements for your company. SARS doesn’t always require you to upload the financial statements, the requests are made randomly. But in the event where the company has a VAT number, and the information on the bi monthly VAT returns do not correspond with the information on the financial statements, they may request an audit and then the financial statements have to be submitted.

3. Shareholder information

From the 2022 financial year, SARS has added a new section to the IT14R tax return, where the company has to declare the details of the shareholders of the company. This corresponds with the new regulations by CIPC that companies have to declare their beneficial ownership. The information is shared between SARS and CIPC, to ensure that the correct information is provided. We can assist to submit your company’s beneficial ownership to CIPC, just click here. Click here if you need share certificates for your company.

How we can assist?

• Firstly, we will determine whether your company has a registered public officer at SARS. If not, we can appoint one.
• We will then have a look at your tax profile to determine what is outstanding, whether it is tax returns, whether it is income tax, VAT or PAYE forms. Also whether there are admin penalties outstanding.
• We will send you a quote on the cost to submit all the returns, do disputes for admin penalties etc.
• After all the returns have been submitted, we will provide you with a tax clearance at no extra cost.

Simply complete the form below, and we will be in contact.

Important to note.

If your company does not have a registered public officer at SARS, and you give us the go ahead to appoint one, a fee of R250 will be charged. This is because this process is very time consuming and involves a lot of admin and follow ups with SARS. By clicking the “submit” button, you agree to these terms and conditions.