Retirement planning remains a critical consideration for South Africans, especially with the introduction of the Two-Pot Retirement System in 2024. While this system provides greater flexibility for savers, unresolved tax arrears can create significant obstacles to accessing funds, potentially affecting financial stability when emergencies arise.
Retirement planning remains a critical consideration for South Africans, especially with the introduction of the Two-Pot Retirement System in 2024. While this system provides greater flexibility for savers, unresolved tax arrears can create significant obstacles to accessing funds, potentially affecting financial stability when emergencies arise.
Retirement planning remains a critical consideration for South Africans, especially with the introduction of the Two-Pot Retirement System in 2024. While this system provides greater flexibility for savers, unresolved tax arrears can create significant obstacles to accessing funds, potentially affecting financial stability when emergencies arise.
Retirement planning remains a critical consideration for South Africans, especially with the introduction of the Two-Pot Retirement System in 2024. While this system provides greater flexibility for savers, unresolved tax arrears can create significant obstacles to accessing funds, potentially affecting financial stability when emergencies arise.
Retirement planning remains a critical consideration for South Africans, especially with the introduction of the Two-Pot Retirement System in 2024. While this system provides greater flexibility for savers, unresolved tax arrears can create significant obstacles to accessing funds, potentially affecting financial stability when emergencies arise.
For many business owners, receiving a SARS audit notification can be a stressful and overwhelming experience. While audits are a standard part of tax administration, they can become a significant challenge if your records are not in order. Being unprepared can lead to delays, penalties, or even severe legal repercussions.
When buying or selling a property, timing is everything. Whether you’re eagerly awaiting the keys to your new home or finalising the sale of an existing property, any delay can lead to frustration and financial strain. One of the most common, yet often overlooked, causes of these delays is unresolved tax issues.
I was a business owner in the IT industry. I trusted my accountant who confirmed that all submissions to SARS was made and payments were upped. When I asked them questions, they confirmed that everything was up to date. After 4 years I discovered that none of the PAYE, Tax or VAT submissions was made or paid to SARS. I moved to a new accountant immediately and after re-capturing all transactions and re-do all the accounting work of 4 years, I found out that I had R2,7 mil debt with SARS. This included penalties.
The expenses I had on my farm. Due to COVID and lockdown in March 2020 various businesses were closed and their books were closed off later than normal. This lead to a backlog in understanding outstanding expenses to our suppliers for my farm. I fell behind with my accounts and books. In Dec 2020 I received a note from SARS that I owed R687,000 and I had penalties of R100,000 due to late submission of my tax. I could not pay this. My expenses was in the previous book year and my income for the following year was low. My accountant said I would have to pay SARS the full amount. My accountant said there was no negotiating with SARS.
I am a business owner in the electrical engineering space. We handle electrical installations, repairs, maintenance and auditing. My biggest concern before I worked with Tax Debt Compliance was that my compliance with SARS and bookkeeping was in tatters. I didn’t have a tax clearance certificate to trade and I could not do business. I took my eye off the ball. I didn’t check the person who did my books. I didn’t check that my payments to SARS was up to date. When I found out about my problem with SARS I was R300 K in arrears on payments.
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