With every new year comes a fresh set of tax return deadlines. If you are managing your own taxes, it is best to add these to your calendar to avoid any late submissions and subsequent penalties.

For your reference, we have added a list of all the major deadlines that you need to pay attention to in 2014 below.

There is a simple formula that applies to many people, it goes something like this:
tax + deadline = stress

However as we covered in a previous article, this needn’t be the case. By hiring an accounting firm or professional accountant to take care of your tax responsibilities, you are reminded of your deadlines well in advance and have the benefit of a professional submitting a competently completed tax return for you. This equates to less stress and frees up your time.

If you are interested in finding out more about how we can help you as an individual or business by handling your tax returns, call Brett on 021 421 4444.

Tax return deadlines

You can find all the relevant tax deadlines for 2014 below:

 

SARS provisional tax deadline

Provisional taxpayers have varying deadlines depending on if they are individuals or companies:

Individuals – provisional tax deadlines

Filing and payment of provisional tax for individuals is:
1st period – by 31 August
2nd period – by 28 February
3rd period – by 31 September

Companies – provisional tax deadlines

Filing and payment of provisional tax for companies is:
1st period – 6 months after financial year-end
2nd period – At the financial year-end
3rd period – 6 months after year-end

 

SARS Tax Season

The Tax Season differs for individuals and companies and also varies depending on whether you are a provisional taxpayer:

Individuals – Tax Season

For individuals, the Tax Season runs from July to November for non-provisional taxpayers whereas provisional taxpayers have until the end of January to file their tax return using eFiling.

Companies – Tax Season

A Return of Income: Companies and Close Corporations should be submitted within 12 months from the date marking the end of the financial year.

 

PAYE returns

Any business required to register for PAYE must adhere to the dates listed below:

Every month the EMP201 must be submitted. This should take place before the 7th of the next month. If the 7th falls on a weekend or public holiday, the EMP201 should be submitted on the last business day prior to the 7th.

There are two periods that must be noted, the Interim and the Annual period:

  • The Interim period (1 March to 31 August) – the Interim Employers Tax Season for EMP501 reconciliations (1 September to 31 October)
  • The Annual period (1 March to 28 February) – the annual Employers Tax Season (1 April to 31 May)

 

Small Business Turnover tax

Small businesses including closed corporations and co-operatives are required to pay turnover tax. This will be levied annually on a year of assessment that runs from March to February of the next year. It includes two interim / provisional payments every 6 months.

 

SARS VAT returns

Vat vendors have the option to submit their VAT201 either manually or electronically via eFiling.

Manual submissions must be completed by the 25th of the month while eFiling submissions must take place by the last business day of the month.

 

Important note:
Be sure to check that any of the above mentioned deadlines do not fall on a weekend or public holiday. If they do, you are required to submit your return on the last business day before the deadline date.

If you need assistance with your tax returns as an individual or company, call Brett
on 021 421 4444 and benefit from Dirmeik Consulting’s professional service and expert advice.