Death and Taxes

Date April 11, 2021

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:

1.    ITR14 Taxes

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.


Venaccuracc ITR14 taxes due 2021

2.    ITR14 Schedules

SARS has several categories of ITR14 schedules that pertain to different industries. We’ve listed them here for your convenience:

  • Mining: Gen-001 Mining Schedule
  • Short Term Insurance: ICS01 Short term insurance schedule
  • For Headquarter Companies: RCH01 Schedule for Headquarters Company election
  • Farming activities: Farming Schedule IT48
  • A company that claims an allowance for learnership agreements in terms of 12H of the income Tax Act: IT180
  • Foreign Controlled Foreign Companies: IT10

Read more here

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.

Venaccuracc ITR14 Submissions

3.    Financial Statements

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:

  • Assets

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.

  • Liabilities

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

Equity Capital in an Annual Financial Statement is capital or funds paid into a business from investors.

  • Debt

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.

Venaccuracc Cash Flow Statements

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:

  • Planning expenditure: Having a clear picture of where the money in your business is, either in assets, liabilities or cash flow understanding, assists you to plan expenditure better.
  • Planning investment: Well prepared Annual Financial Statements provide the information you need to properly plan both short term and long-term business investments.

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.



Our main aim is to save you time! 
Having your financials taken care of gives you one less thing to worry about.


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