Have you filed your company’s income tax return?
During late 2018 it was announced that SARS would target and impose administrative penalties on companies that have income tax returns outstanding.
We are aware that many individuals register companies with the intent to trade or to be ready to trade but never actually start trading. As such, the SARS system would have these returns marked as outstanding and may impose an administrative penalty to motivate the completion of these outstanding company income tax returns.
If you have a dormant company and are aware of outstanding tax returns, we want to hear from you as we are able to assist in filing these outstanding returns as well as reminding you each year that a new return is due to be submitted.
While our company only works with individuals, when a company is dormant, a trade is missing, and we therefore consider such case as working with an individual and not with the company.
As we work with individual taxpayers only, we do not take on business where a company is trading due to the bookkeeping work detracting from our area of speciality.
While a company remains dormant, we can assist and treat the case as a normal individual. Of course, where a trade is unlikely within a reasonable period, we would recommend approaching SARS and requesting for the company to be updated as dormant so that no future returns are expected by SARS.
Have you had any correspondence of a penalty being imposed on your company? If so, we want to hear from you, especially while your company is dormant. The reason? We are not only able to assist in getting the company up to date, we are also able enter discussion with SARS to negotiate the penalties previously imposed.
Need assistance with the above? Contact us and see how we are able to help you.