Practical Tax for your business


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Practical Tax for your business

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Practical Tax for your business

  1. 1. How to pass the SARS audit test <br />And reduce your tax bill by up to 50%<br />This FREE presentation shows you exactly how to avoid the 7 most expensive tax traps! <br />
  2. 2. It's urgent that you watch this entire presentation...RIGHT NOW.<br />You’ll see why in a few minutes... <br />
  3. 3. Hi, my name's Fulvia Stoltz. I'm a manager at FSP Business.<br /> I have some very important tax insights to share with you today.<br />
  4. 4. Even after recent tax amendments South Africa is still one of the countries with the highest tax rates in the world. <br />As a self-employed person or small business you’re hit especially hard. <br />
  5. 5. Today, I’d like to show you a way out of this difficult situation. In a minute, I’ll show you how to avoid the seven most expensive tax traps – <br />without spending a lot of time, without lying to SARS and without illegal tricks. <br />
  6. 6. It’s for exactly these reasons that we developed the Practical Tax Loose Leaf service. <br />
  7. 7. What are your biggest tax fears?<br />Where can you find a proper answer to questions about taxes, any time? <br />
  8. 8. Who will show you ready-to-use solutions in a clear and understandable way? <br />
  9. 9. Our Practical Tax Loose Leaf will do all this, and more!<br />
  10. 10. With it you won’t lose a rand to SARS. <br />And you can always count on being up-to-date with legislation and jurisdiction.<br />
  11. 11. You can rely on the opinions and tips given by our tax experts!<br />
  12. 12. The Practical Tax Loose Leaf will give you:<br />
  13. 13. The Practical Tax Loose Leaf will give you:<br /><ul><li>Access to tips, tools and checklists compiled by our experts, showing you not only where you can save on your taxes, but also HOW to do it legally</li></li></ul><li><ul><li>The exclusive Tax Helpdesk service, where you can email your specific tax question to the experts and get a response within 72 hours.</li></li></ul><li><ul><li>Up to date information on important cases, changes in legislation, and ground-breaking developments in the field of taxation, via updates sent to you every few weeks.</li></li></ul><li><ul><li>The daily Tax Bulletin email newsletter, to keep you on top of tax deadlines.</li></li></ul><li>Let me show you just how useful the information in the Practical Tax Loose Leaf is!<br />Here are 7 of the most expensive tax traps… <br />
  14. 14. Some might seem harmless, but they catch thousands of taxpayers out each day. <br />You don’t want to be one of them!<br />
  15. 15. Tax Trap #1 – Hidden assets<br />You don’t declare all your assets when you complete the personal statement of “assets and liabilities” in your tax return.<br />
  16. 16. SARS uses this statement to spot and investigate any substantial or unexplained rise in your income, so it can claim its piece of the pie!<br /> <br />
  17. 17. And if SARS discovers that you’ve been keeping quiet about the extra income you’ve been receiving, it’ll penalize you heavily AND tax that extra income.<br />
  18. 18. So make sure you reconcile your statement of assets and liabilities, with your net income declared, each year - BEFORE you submit your tax returns. <br />
  19. 19. As our experts say, it’s smartest to declare the true value of assets in the first year you’re declaring them on this statement.<br />
  20. 20. TIP: Keep track of what you declared in the past as SARS can perform this exercise over a number of years.<br />
  21. 21. Tax Trap #2– Hidden interest<br />
  22. 22. Tax Trap #2– Hidden interest<br />You don’t declare interest received on investments when completing your tax return.<br />
  23. 23. Too often, taxpayers believe they can sneak interest in under SARS’ radar. But if SARS catches you out, you’ll have to pay additional tax up to 200% on the amounts that you failed to disclose.<br /> <br />
  24. 24. Don’t take chances when it comes to lump sum payments and interest!<br />
  25. 25. Financial institutions – like your bank - are required to submit information to SARS of all interest payments made to investors. <br />This is submitted electronically, and is linked to your tax records. <br />
  26. 26. At the click of a mouse, SARS can investigate your interest. <br />So make sure that what’s declared on your tax return is the truth about what you’re earning!<br />
  27. 27. Tax Trap #3 – Troublesome lease agreements<br />
  28. 28. Tax Trap #3 – Troublesome lease agreements<br />Your lease contract on business equipment – on which you’ve been claiming depreciation - has expired and you take ownership from the bank for a minimal payment.<br />
  29. 29. Be aware of the implications of claiming wear and tear, depreciation or lease payments on business assets. <br />
  30. 30. Yes – you’re allowed to recoup the expenses in cases where the asset is sold or the lease on it expires…<br />
  31. 31. But don’t forget that the difference between the market value of the asset, less what you paid for it, is income. <br />You have to declare it as such.<br />
  32. 32. Tax Trap #4 – Faulty invoices<br />
  33. 33. Tax Trap #4 – Faulty invoices<br />Your claim for input tax paid was disallowed by the SARS due to invalid invoices received from your supplier.<br />
  34. 34. It’s up to YOU to make sure that all invoices issued to you or BY you are valid. <br />You aren’t allowed to claim input tax without an invoices that don’t meet SARS requirements.<br />
  35. 35. Check your invoices for these 4 common errors:<br />
  36. 36. Check your invoices for these 4 common errors:<br />The name and address of the purchaser may have been omitted.<br />
  37. 37. Check your invoices for these 4 common errors:<br />The name and address of the purchaser may have been omitted.<br />The words “Vat Invoice” or only “Invoice” may appear instead of “Tax Invoice”.<br />
  38. 38. The amount of Vat isn’t shown separately, or it isn’t stated that Vat is included in the price and has been charged at 14% or 0%.<br />
  39. 39. The trading name, address and Vat registration number of the business aren’t stated on invoices.<br />
  40. 40. Tax Trap #5 – Provisional taxes<br />
  41. 41. Tax Trap #5 – Provisional taxes<br />You base your provisional tax estimate on your actual income and pay more than the amount stated on your last tax assessment.<br />
  42. 42. You don’t have to pay the full amount due to the SARS immediately. <br />Your first and second provisional tax payment estimates may be based on the taxable income of your latest assessment - the “basic” amount.<br />
  43. 43. But if your actual income has increased, use the voluntary third provisional payment to pay up the taxes you owe. <br />This way, you’ll avoid interest charges as a result of underpayment of provisional tax!<br />
  44. 44. Tax Trap #6 – Fringe benefits<br />
  45. 45. Tax Trap #6 – Fringe benefits<br />You benefit from considerable tax savings as you make use of company owned assets such as a car and a house.<br />
  46. 46. Make sure you declare taxable benefits resulting from the use of company owned assets (like cars, homes, etc). <br />
  47. 47. If your statement of personal assets and liabilities show that you don’t own any personal vehicles and no taxable benefit for the use of a company car is declared, it’s an open invitation to SARS to initiate a thorough investigation into your financial affairs.<br />
  48. 48. And finally, <br />
  49. 49. And finally, <br />Tax Trap #7 – The wrath of disgruntled ex-employees<br />
  50. 50. And finally, <br />Tax Trap #7 – The wrath of disgruntled ex-employees<br />You’ve dismissed an employee who was previously entrusted with all your financial and tax affairs.<br />
  51. 51. This is a real threat! <br />It’s not uncommon for disgruntled employees or ex-employees to report the wrong-doings of their employers to SARS… Especially cases where employers failed to deduct tax or fully disclose turnovers.<br />
  52. 52. These cases are normally evaluated and referred for immediate investigation and could even result in a raid on your premises… <br />
  53. 53. Be wary of possible retributions from employees, ex employees and even scorned lovers or spouses!<br />
  54. 54. I don’t want you to fall into any of these traps! <br />Order your copy of the Practical Tax Loose Leaf today to review at no cost for 14 days!<br />
  55. 55. You’ll receive:<br />
  56. 56. You’ll receive:<br /><ul><li>Invaluable advice about how to avoid unnecessary and costly taxes and protect your business from tax audits.</li></li></ul><li>•500 pages of practical information, with every section containing:<br />
  57. 57. •500 pages of practical information, with every section containing:<br /><ul><li>Hands-on tax advice in plain English – no jargon or legalese!</li></li></ul><li><ul><li>Step-by-step instructions to ensure you always follow the correct process</li></li></ul><li><ul><li>Checklists to make sure you haven’t forgotten anything</li></li></ul><li><ul><li>Templates and sample forms to help you complete all your documentation 100% correctly</li></li></ul><li><ul><li>Real life examples that give you a clear picture of what to do in any particular scenario</li></li></ul><li><ul><li>Confidence that your handbook is always up to date. </li></li></ul><li><ul><li>Confidence that your handbook is always up to date. </li></ul>We’ll send you regular updates, covering changes in tax law, the latest judgments and new issues.<br />
  58. 58. Plus, as a subscriber, you’ll get these 3 additional free services:<br />
  59. 59. Plus, as a subscriber, you’ll get these 3 additional free services:<br />1. The Tax Helpdesk – where our experts answer your quick tax questions by email within 72 hours<br />
  60. 60. 2. An information archive, where you can access all our past content online<br />
  61. 61. 3. A daily email, the Tax Bulletin, which will keep you up to date on any tax law changes, deadline dates and important information<br />
  62. 62. AND it’s tax deductible! <br />So you’ll recover at least a third of your investment.<br />
  63. 63. Order you copy of the <br />Practical Tax Loose Leaf today <br />to review at no cost <br />for 14 days!<br />
  64. 64. You pay nothing upfront. Just let me know where to send it, and we’ll rush it to your address. <br />
  65. 65. Take 14 days to use the handbook. <br />If, after these 14 days, you decide it’s not what you expected, send it back and we’ll forget about the bill.<br />
  66. 66. Order right now, and we’ll throw in two extra FREE GIFTS! <br />
  67. 67. 1. You’ll receive a copy of “Take on SARS and win!”. It shows you exactly how to tackle SARS through the alternative dispute resolution process.<br />
  68. 68. 2. You’ll also get a copy of the booklet, “How to Survive a SARS Audit”, filled with practical checklists and tips.<br />
  69. 69. MrOtgaar took me up on this offer. Here’s what he had to say about the Practical Tax Loose Leaf:<br />
  70. 70. MrOtgaar took me up on this offer. Here’s what he had to say about the Practical Tax Loose Leaf:<br />“The Practical Tax Handbook paid for itself several times over with regard to tax saved and reduced fees to our accountant”.<br />
  71. 71. And here’s what another subscriber, Miss Mckenzie, had to say:<br />
  72. 72. And here’s what another subscriber, Miss Mckenzie, had to say:“It’s well indexed, updated throughout the year in digestible chunks, keeps me up-to-date, allows me to arrange my tax affairs to my best advantage AND keep my accountant on his toes”<br />
  73. 73. Make sure you’re always one step ahead of SARS.<br />Order your copy of the Practical Tax loose Leaf today and I’ll make sure you have it on your desk by next week.<br />
  74. 74. During the 14 day trial period, see for yourself how useful it will be in your office. <br />Use all the tips, checklists, sample forms and advice as often as you wish.<br />
  75. 75. When the time has lapsed you can keep it by paying the enclosed invoice. <br />Or, send it back to us within 14 days after you receive it, without any obligation.<br />
  76. 76. Order your copy of the Practical Tax Loose Leaf <br />NOW!<br />Visit<br />