By engaging a registered consultant who offers tax services in Pretoria and Nelspruit you can get the professional assistance you need to complete your IT12. This eliminates the incumbent stress that the tax season seems to invoke and ensures you gain the full benefit of every possible tax deduction, allowance and exemption.
By SARS’ definition, an IT12 is an income tax return for an individual, including provisional taxpayers, that stipulates all the income and allowable deductions claimed by the taxpayer for a year of assessment.
How Tax Services In Pretoria and Nelspruit Can Help You
Negotiating the guidelines governing our various income streams and what constitutes allowable deductions, is akin to negotiating a minefield and about as much fun. A professional tax services provider in Pretoria or Nelspruit is up-to-date with the latest legislation and will be able to advise you in this regard.
Ultimately, you want to pay the correct amount of tax due on or before the given deadline and to avoid penalties that come with paying out too much or too little tax. The latter is particularly relevant to provisional taxpayers who are required to pay tax in advance every six months based on their projected income. Where a discrepancy between the projected and actual income is too large, you incur penalties of up to 20 percent.
Must I Submit A Return?
If you are not a provisional taxpayer, you may be wondering why you need to submit your own income tax return when your employer is paying tax on your behalf. The reason is that your employer may not know about the other tax-relevant payments or income streams you have.
This is where tax services in Pretoria and Nelspruit from a reputable accounting firm can assist you by calculating and filing a thorough IT12 on your behalf. This discloses information that can in fact result in you either paying out less tax or receiving a greater refund.
Every taxpayer’s personal circumstances differ and these differences impact on their income tax returns. While you may not claim for personal or household expenses, your retirement or pension fund and medical insurance payments do fall under deductible items. Claims can also include certain medical expenses paid for out of your own pocket.
Other factors that affect your IT12 are the expenses of running a home office if you are self-employed; capital gains tax (CGT); as well as dividends and donations tax. A competent tax services provider in Pretoria and Nelspruit will also be able to advise you regarding special exemptions such as those governing property transfers and trusts.
If you require assistance with the calculation and submission of your IT12, do not hesitate to contact ATF Consult Inc. This company is a registered financial services provider and its advisors are more than qualified to provide you with tax services in Pretoria.