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Nine things every business owner needs to know about completing an IT14SD form

by , 21 November 2014
If we were to draw up a list of things business owners struggle with, completing the Supplementary Declaration form (IT14SD) would make it onto that list.

The volume of questions our tax experts get on the issue as well as the number of forms SARS rejects is proof of this.

Since our experts don't like to see you struggling with SARS forms, they've done all the hard work for you. Call it an early Christmass present.

Today, we reveal nine things they believe every business owner must know about completing an IT14SD form.

Keep reading to find out what they are so you can reconcile your annual financial statements and verify eFiling submissions for your business correctly.

Every business owner must know these nine things about completing an IT14SD target="_blank" class="contextual_links">IT14SD form, say experts behind the Practical Tax Loose Leaf Service

  1. There are four crucial points you must know about an IT14SD so you don't trigger an additional assessment.
  1. There are five documents you must have on hand when completing your IT14SD.
  1. Before you fill anything in on your IT14SD, you must check all of the pre-populated information carefully to make sure your company's details are correct.
  1. There are five sections you must complete when filling in your IT14SD form.
  1. The PAYE reconciliation schedule on your IT14SD contains eight fields and you must follow these eight steps to complete the schedule correctly.
  1. To reconcile income tax on your IT14SD form, use these three steps.
  1. The one section you must never forget to fill out if you're a registered Vat vendor is the Vat reconciliation schedule.
  1. There are two smart tips you must use to correctly complete you IT14SD.
  1. Here's what happens once you've submitted your IT14SD.
Remember, an IT14SD form is a legally binding declaration. SARS takes anything you write on it as the honest, accurate truth about your company's finances. And it will impose harsh penalties if you misrepresent anything. Now that you know these nine things about completing an IT14SD, complete the form correctly.
PS: For more information about an IT14SD form, check out the How to successfully complete your IT14SD form e-book.

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