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Avoid getting your company tax wrong with this easy-to-use trick

by , 06 May 2014
Company tax can be very confusing. There's so much you need to consider. It's easy to get it wrong, especially if you're a small business doing the company taxes yourself. All of this is enough to send you running for the hills. But you don't have to run or panic. There's one easy trick you can use to make sure you calculate your company tax right every time...

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Avoid 200% tax penalty
 
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One easy trick for calculating your company tax right every time

Are you feeling a bit confused about how to calculate taxes for your company tax? Then you're missing out on one simple trick.
This trick is actually an online tool and will help you avoid getting your tax calculation wrong.
 
While you may be tempted to search for an online tax calculator for Corporate Income Tax, they don't actually exist. But there IS an easy way for you to calculate income tax without even having to leave your desk.
 
Here's how it work:
 
1. Visit the SARS website.
2. Look up 'Tax Guide for Small Businesses''
3. Check out the table of rates on page 17.
4. And see what percent of your income (depending on what that is) you must pay as tax.
 
This will give you the percent of your income which you can easily calculate with traditional methods. But you need to go one step further.

This because the site doesn't take into consideration the deductions you may be able to claim. Let's look at these deductions…
 
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Stop forking over thousands of unnecessary cash to SARS!
 
Be one of the first in the country to get access to the information that'll make sure you pay the least tax possible...
 
You can legally save your company thousands of Rands in taxes on forgotten fringe benefits.
 
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The tax deductible expenses you may be able to claim for your business

As we've explained here, there are seven deductions that you could claim for your business tax return. They are:
 
1. Pension, provident or retirement annuity. According to the Practical Tax Loose Leaf, you can deduct any contribution you've made to a pension fund. The deduction just can't be more than of R1 750 or 7.5% of the remuneration.
2. Legal expenses.
3. Wear and tear or depreciation allowances.
5. Allowance for doubtful debts.
6. Income continuation or protection insurance premiums.
So use SARS' 'Tax Guide for Small Businesses' to work out your business taxes and then work out the possible deduction. This will help you get it right every time.
 

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