These four things could be the very reason SARS rejects your company's tax return
When you submit your company's tax return, SARS officials will assess it. When it does this it wants to check and verify the information on your return. This helps it look for mistakes and ensure everything is in order.
But if SARS spots mistakes early on in your tax return, it will halt its assessment long before it gets to things like your tax deductions.
That's why you need to ensure these fours things SARS will check first are all correct on your company's tax return...
These are the first four things SARS will check on your company's tax return! Ensure they're correct
1. Your company's tax number
This MUST be correct for SARS to verify you registered your company to pay tax. If this is incorrect, SARS will first need to deal with this problem before it continues with your assessment.
2. Your company's details
When SARS checks your company's registration, it will check if your company's details match those on its system. Again you must double check these details or SARS will need you to send in the correct details and verify them before it continues with its assessment.
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3. Your company's annual income
You need to accurately record your company's income for the year of assessment. If this is wrong and you under-represent your company's earnings, SARS will want to investigate.
4. Your company's type
Because there are different tax rules for small business verses big ones, you need to ensure you put your company in the right category. If you make a mistake with the category of your business, SARS will need proof of your company's type before it can continue with your assessment.
Ensure SARS doesn't have any reason to halt your company's tax return assessment. Ensue all this information is correct and you'll make the process much easier.
PS. Check out How to Complete Your IT14SD Form
just in case SARS selects your business for tax return verification. It contains everything you need to know about completing your IT14SD
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