It has been said that there are only two absolute certainties in life. Death and Taxes. Now, while Venaccuracc is unable to do anything about death, there is a lot we are able to help you with when it comes to taxes. If February is your businesses year end, then ensuring you have the right documentation could literally save you hundreds of thousands and save you from business death by taxes!
So, what do you need to have in place in your business to satisfy SARS:
For the first time submission of ITR14 documents with their associated schedules must be signed off for companies classified as small businesses as well as if they are classified as a medium or large business. Read more here.
An ITR14 is a summary of the income and expenses of your business for the year and is the document from which your tax is calculated.
The Venaccuracc team helps our clients to determine what can be claimed as an expense in your business.
Why is this important?
Because claiming the wrong expenses could result in a tax audit and claiming too few expenses could result in your business paying unnecessary tax. Both of these scenarios are a disaster and can so easily be avoided with help from the expert Venaccuracc team.
SARS has several categories of ITR14 schedules that pertain to different industries. We’ve listed them here for your convenience:
These are just a few examples of the ITR14 schedules. The Venaccuracc team has all the expertise needed to assist your business to navigate the variety of tax submissions for your business. View our services here.
The all-important financial statement! The “life or death”–depending on whether you get it right or wrong- of your business. The document that not only supports your tax submissions but is also a critical piece of information for running your business.
We’ve put together a beginner’s guide to Annual Financial Statements to help you make sense of the requirements:
1. Balance Sheets
Your Annual Financial Statement balance sheet should include information on:
An asset in an Annual Financial Statement is something a business owns with the expectation that it will result in future financial benefit for your business.
A liability in an Annual Financial Statement is an obligation between parties not yet fulfilled and can include deferred revenues, bonds, warranties and accrued expenses.
Equity Capital in an Annual Financial Statement is capital or funds paid into a business from investors.
Debt in Annual Financial Statements is a liability or something (normally money) the business owes
2. Income Statements
An income statement in the Annual Financial Statement shows the companies income and expenditure and also indicates a profit or a loss.
3. Cash Flow Statements
Cash Flow Statements in Annual Financial Statements summarises the amount of cash flowing into and out of the company.
It’s obvious from these definitions how these documents are important not only for SARS tax purposes but also for the efficient running of your business.
Working with Venaccuracc on your Annual Financial Statements will not only ensure that you stay on the right side of SARS but will also benefit your business in these ways:
Venaccuracc assist businesses to prepare the correct documents with accurate information so that your Annual Financial Statements (AFS) support your tax submissions helping you avoid business death by taxes.
