Have you considered going it alone this year in trying to complete your tax returns? Need tax advice? Trust The Tax Shop practitioners to help you complete the eFiling tax return forms and with any of your tax questions. However, a few considerations should you consider completing your tax returns alone are briefly discussed below.
Is Your Income Straightforward?
If you are a salary earner with the normal tax deductible expenses, such as monthly medical aid contributions, pension fund contributions etc. and don’t have any other income streams, then basic calculation abilities will suffice in completing the tax returns. However, if you want to claim benefits such as travel costs, fuel, vehicle maintenance where you use your vehicle for work as well, have income from property rental, earn royalties from books, do freelance work or run a small business, you most probably need tax advice. In this respect you can trust The Tax Shop practitioners to help you navigate through the pitfalls.
Especially where your income and expenses are rather complicated you will want the expertise and assistance of reputable tax consultants. Seek one who does things by the book in compliance with statutory requirements to ensure that any deductible expenses are completed and claimed in compliance with SARS requirements.
Do You Have the Time You Need?
Reports have shown that it takes up to three days of seven hours a day or over 20 hours straight for the average tax payer to handle all the preparations for completion of their tax returns. However, an experienced tax consultant is able to do reduce the time considerably and can thus help you to save valuable time.
It should be noted that you most probably will still have to sort through all the relevant payment receipts and relevant documents and then submit such to the tax consultant for review. It is, however, possible to only complete the returns on eFiling system with the help of the tax practitioner and keep the supporting documents well organised should there be need for submission of such.
Are Income and Expenses Similar to the Previous Year?
If you haven’t experienced major changes in your financial status from the previous tax assessment period, the information on the tax return will pretty much stay the same with differences only in the numbers. In such an instance, you will only need basic tax help. But if you have experienced major financial changes this year in comparison with the previous tax year, it certainly makes more sense to seek professional tax advice you can trust. Instances can be where you have moved from one medical aid to another type or if you have been retrenched and have received a large payout.
Other examples include where you no longer have part-time lecture income, but have gained property rental income. Any such changes will complicate the tax return completion.
Whether you are a small business owner (sole proprietor), contract worker, freelancer or someone who has a trust, you will benefit from professional tax help as provisional, trust and company tax calculations are rather complicated. Trying to navigate the maze of laws, tax deductible expenses, thresholds and more can be a daunting task. For such, there is no viable alternative than having a tax consultant you can trust provide you with the advice you need and to complete the returns.
Can You Handle the Pressure?
Tax return completion is stressful, especially because SARS doesn’t take lightly to errors. There is no room for error and guesswork is simply not allowed. If you received a letter or SMS from SARS stating that you owe a considerable amount and only have a few days to respond then the stress of dealing with the situation can lead to complete avoidance. Having an experienced tax practitioner handle the situation will help to reduce the pressure and help you to successfully address the situation without the intimidation you may feel when having to speak to a SARS officer directly.
Do You Have a Tax Practitioner You Can Trust?Even if you decide on completing tax returns on your own, you may still need tax advice and this is where the professional assistance from The Tax Shop consultants will be exceptionally valuable.