If you are a business or individual earning an income, then chances are you will need to pay tax. Without an intimate knowledge of the South African tax system, calculating what you owe can be a minefield. At the one side, you do not want to be under calculating the tax you owe SARS as this can only return to haunt you in the form of stiff penalties. On the other hand you also want to know that you are taking into account amounts that can be legally deducted from your tax. These can be specific to your business alone.
To comply with tax laws and avoid paying excessive tax, you need a tax consultant.
What is a Tax Consultant?
A Tax Consultant, also known as a Tax Advisor or Tax Practitioner, is trained in tax law and has a thorough knowledge of their countries tax system. They offer their financial expertise by consulting with individuals and businesses to assist in calculating and submitting accurate tax returns.
Choosing a Tax Consultant
Care should be taken when finding the correct tax advisor for you or your business. While everyone wants to pay as little tax as possible, there is a fine line between your tax consultant identifying legitimate tax deductions and them fabricating these deductions.
Regulation of Tax Consultants / Tax Practitioners
In order to reduce the number of dishonest tax consultants, SARS has been committed to regulation of tax advisors for many years now and requires tax consultants to register with SARS.
New changes earmarked for the Tax Administration Act will require all tax consultants to be part of a formal regulatory body such as SAIPA, in order to continue to practice legally. This is rumored to be enforceable from July 2013.
Remember you are paying for a consultant to handle your tax responsibly and accurately, not someone who practices tax evasion. Make sure your tax practitioner is registered with SARS and part of a professional body like SAIPA.
Registered and compliant Tax Consultant
Dirmeik Consulting is registered with SARS and SAIPA and provides honest tax consulting services. We will ensure we understand your business so that you can claim for tax deductions that are legal and submit a tax return that is accurate.
For friendly tax advice, call Brett on 021 421 4444.