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Practical Tax for your business
1. How to pass the SARS audit test And reduce your tax bill by up to 50% This FREE presentation shows you exactly how to avoid the 7 most expensive tax traps!
2. It's urgent that you watch this entire presentation...RIGHT NOW. Youâll see why in a few minutes...
3. Hi, my name's Fulvia Stoltz. I'm a manager at FSP Business. I have some very important tax insights to share with you today.
4. Even after recent tax amendments South Africa is still one of the countries with the highest tax rates in the world. As a self-employed person or small business youâre hit especially hard.
5. Today, Iâd like to show you a way out of this difficult situation. In a minute, Iâll show you how to avoid the seven most expensive tax traps â without spending a lot of time, without lying to SARS and without illegal tricks.
6. Itâs for exactly these reasons that we developed the Practical Tax Loose Leaf service.
7. What are your biggest tax fears? Where can you find a proper answer to questions about taxes, any time?
8. Who will show you ready-to-use solutions in a clear and understandable way?
14. Some might seem harmless, but they catch thousands of taxpayers out each day. You donât want to be one of them!
15. Tax Trap #1 â Hidden assets You donât declare all your assets when you complete the personal statement of âassets and liabilitiesâ in your tax return.
16. SARS uses this statement to spot and investigate any substantial or unexplained rise in your income, so it can claim its piece of the pie! Â
17. And if SARS discovers that youâve been keeping quiet about the extra income youâve been receiving, itâll penalize you heavily AND tax that extra income.
18. So make sure you reconcile your statement of assets and liabilities, with your net income declared, each year - BEFORE you submit your tax returns.
19. As our experts say, itâs smartest to declare the true value of assets in the first year youâre declaring them on this statement.
20. TIP: Keep track of what you declared in the past as SARS can perform this exercise over a number of years.
22. Tax Trap #2â Hidden interest You donât declare interest received on investments when completing your tax return.
23. Too often, taxpayers believe they can sneak interest in under SARSâ radar. But if SARS catches you out, youâll have to pay additional tax up to 200% on the amounts that you failed to disclose. Â
25. Financial institutions â like your bank - are required to submit information to SARS of all interest payments made to investors. This is submitted electronically, and is linked to your tax records.
26. At the click of a mouse, SARS can investigate your interest. So make sure that whatâs declared on your tax return is the truth about what youâre earning!
28. Tax Trap #3 â Troublesome lease agreements Your lease contract on business equipment â on which youâve been claiming depreciation - has expired and you take ownership from the bank for a minimal payment.
29. Be aware of the implications of claiming wear and tear, depreciation or lease payments on business assets.
30. Yes â youâre allowed to recoup the expenses in cases where the asset is sold or the lease on it expiresâŚ
31. But donât forget that the difference between the market value of the asset, less what you paid for it, is income. You have to declare it as such.
33. Tax Trap #4 â Faulty invoices Your claim for input tax paid was disallowed by the SARS due to invalid invoices received from your supplier.
34. Itâs up to YOU to make sure that all invoices issued to you or BY you are valid. You arenât allowed to claim input tax without an invoices that donât meet SARS requirements.
36. Check your invoices for these 4 common errors: The name and address of the purchaser may have been omitted.
37. Check your invoices for these 4 common errors: The name and address of the purchaser may have been omitted. The words âVat Invoiceâ or only âInvoiceâ may appear instead of âTax Invoiceâ.
38. The amount of Vat isnât shown separately, or it isnât stated that Vat is included in the price and has been charged at 14% or 0%.
39. The trading name, address and Vat registration number of the business arenât stated on invoices.
41. Tax Trap #5 â Provisional taxes You base your provisional tax estimate on your actual income and pay more than the amount stated on your last tax assessment.
42. You donât have to pay the full amount due to the SARS immediately. Your first and second provisional tax payment estimates may be based on the taxable income of your latest assessment - the âbasicâ amount.
43. But if your actual income has increased, use the voluntary third provisional payment to pay up the taxes you owe. This way, youâll avoid interest charges as a result of underpayment of provisional tax!
45. Tax Trap #6 â Fringe benefits You benefit from considerable tax savings as you make use of company owned assets such as a car and a house.
46. Make sure you declare taxable benefits resulting from the use of company owned assets (like cars, homes, etc).
47. If your statement of personal assets and liabilities show that you donât own any personal vehicles and no taxable benefit for the use of a company car is declared, itâs an open invitation to SARS to initiate a thorough investigation into your financial affairs.
49. And finally, Tax Trap #7 â The wrath of disgruntled ex-employees
50. And finally, Tax Trap #7 â The wrath of disgruntled ex-employees Youâve dismissed an employee who was previously entrusted with all your financial and tax affairs.
51. This is a real threat! Itâs not uncommon for disgruntled employees or ex-employees to report the wrong-doings of their employers to SARS⌠Especially cases where employers failed to deduct tax or fully disclose turnovers.
52. These cases are normally evaluated and referred for immediate investigation and could even result in a raid on your premisesâŚ
53. Be wary of possible retributions from employees, ex employees and even scorned lovers or spouses!
54. I donât want you to fall into any of these traps! Order your copy of the Practical Tax Loose Leaf today to review at no cost for 14 days!
58. Plus, as a subscriber, youâll get these 3 additional free services:
59. Plus, as a subscriber, youâll get these 3 additional free services: 1. The Tax Helpdesk â where our experts answer your quick tax questions by email within 72 hours
60. 2. An information archive, where you can access all our past content online
61. 3. A daily email, the Tax Bulletin, which will keep you up to date on any tax law changes, deadline dates and important information
62. AND itâs tax deductible! So youâll recover at least a third of your investment.
63. Order you copy of the Practical Tax Loose Leaf today to review at no cost for 14 days!
64. You pay nothing upfront. Just let me know where to send it, and weâll rush it to your address.
65. Take 14 days to use the handbook. If, after these 14 days, you decide itâs not what you expected, send it back and weâll forget about the bill.
67. 1. Youâll receive a copy of âTake on SARS and win!â. It shows you exactly how to tackle SARS through the alternative dispute resolution process.
68. 2. Youâll also get a copy of the booklet, âHow to Survive a SARS Auditâ, filled with practical checklists and tips.
69. MrOtgaar took me up on this offer. Hereâs what he had to say about the Practical Tax Loose Leaf:
70. MrOtgaar took me up on this offer. Hereâs what he had to say about the Practical Tax Loose Leaf: âThe Practical Tax Handbook paid for itself several times over with regard to tax saved and reduced fees to our accountantâ.
72. And hereâs what another subscriber, Miss Mckenzie, had to say:âItâs well indexed, updated throughout the year in digestible chunks, keeps me up-to-date, allows me to arrange my tax affairs to my best advantage AND keep my accountant on his toesâ
73. Make sure youâre always one step ahead of SARS. Order your copy of the Practical Tax loose Leaf today and Iâll make sure you have it on your desk by next week.
74. During the 14 day trial period, see for yourself how useful it will be in your office. Use all the tips, checklists, sample forms and advice as often as you wish.
75. When the time has lapsed you can keep it by paying the enclosed invoice. Or, send it back to us within 14 days after you receive it, without any obligation.
76. Order your copy of the Practical Tax Loose Leaf NOW! Visit www.practicaltaxhandbook.co.za