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So, SARS finally did it. On November 29 2018, they sent out a notice that they would start implementing administrative penalties against all companies (including dormant ones) which had outstanding tax returns.

In March 2019, they sent emails and SMSs to those companies (we received over 400 on behalf of clients) advising that all outstanding returns had to be submitted by 29 March to avoid penalties, so it seems like March 30 is the BIG DAY! The penalties are likely to be at the lower end of the R250 to R16 000 range that they announced, but these penalties will be imposed every month until the returns are submitted.

We burned the midnight oil setting up emails to all clients and offered to do all of their nil returns for a small fee of R500. We have had a good response and are busy submitting before the deadline, but what about those who did not take up our offer? They are in for a second shock. At the end of April SARS will impose the next monthly penalty and every month thereafter, so our R500 will start looking like peanuts.

We expect to receive a few hundred penalty assessments and will again offer to help, but our fee will be R750 during April and even more thereafter. So, if you’re one of those who did not come to the party, think again!

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Contact us today or set up a free meeting with our CEO, Derek Springett, to discuss your options. We have been offering expert financial advice and business services since 1971. You can also visit our online store to see our list of financial services.