Your company has two tax returns due at the end of February
If your company was registered before 28 February 2018, then an Annual Tax Return for the year or part year ended February 2018 is due at the end of February 2019 (assuming a February financial year end). Failure to submit it, even if the company did no trade, makes it liable for administrative penalties of R250 to R16 000 for each month that it is in arrears.
If the company did trade, then an Income statement and a Balance Sheet must be submitted with the return. That means somebody has to do the bookkeeping and there are only 4 weeks left!
The other tax return, that is due at the end of February for all companies with a February year end, is the 2nd Provisional Tax Return 2019. This has to be submitted by every single company regardless of anything! It is not clear at this stage whether SARS also intends to impose the above administrative penalties on late submission of provisional tax returns, but even if they don’t, failure to submit will bite you when you want a Tax Clearance.
If you’re stuck or reluctant to let just anyone do your company’s tax returns, we can help. If you don’t know what you are doing, or leave it up to incompetent people to submit these returns, you and your business can be in for a bumpy ride… With 48 years experience in Tax Returns and other financial services, Harbour & Associates is your obvious choice…