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ITR14 – Frequently Asked Questions

Apr 14, 2023

All companies operating in South Africa, including small, medium and micro enterprises (SMMEs), must remain tax compliant with the South African Revenue Service (SARS). For many proactive tax compliance can be time-consuming and burdensome, often appearing expensive. Non-compliance however can be catastrophic. Penalties can be crippling, leading to legal action and, in extreme circumstances, jail time.

A principle focus of any reliable tax practitioner or finance manager is overseeing the tax compliance process to ensure that the company is 100% compliant and adhering to SARS regulations. This includes staying abreast of evolving tax laws, submitting tax returns, making timely accurate payments, and keeping detailed records.

Filing taxes is an essential part of your responsibilities. Among the various tax forms that businesses need to submit annually, the ITR14 is one of the most important. However, it can also be one of the most confusing and complex tax forms to navigate. This is where our blog comes in. In this post, we’ll answer some of the frequently asked questions about the ITR14 form, so you can understand the requirements and ensure you’re compliant with South African tax laws. Whether you’re filing for the first time or looking to clarify some doubts, keep reading to find out more.

One of the essential returns required by all companies is the ITR14.

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What is an ITR14 tax return?

The ITR14 is a tax return that needs to be completed by companies registered in South Africa to submit their annual income tax return.

When is the ITR14 tax return due?

The ITR14 tax return is due within 12 months of the company’s financial year-end.

How do I submit my ITR14 tax return?

You can submit your ITR14 tax return via eFiling, the online tax portal provided by the South African Revenue Service (SARS).

What information is required to complete the ITR14 tax return?

You must provide details about your company’s income, expenses, assets, and liabilities. You will also need to provide supporting documentation, such as financial statements.

What are some common mistakes to avoid when completing the ITR14 tax return?

Common mistakes include incorrect calculations, incorrect information, and not providing supporting documentation.

What are some deductions that companies can claim on their ITR14 tax return?

Standard deductions include salaries, wages, rent, utilities, office supplies, and business travel expenses.

Can I amend my ITR14 tax return if I made a mistake?

Yes, you can amend your ITR14 tax return if you make a mistake via eFiling. Making any necessary amendments as soon as possible is essential to avoid penalties or fines.

What are the penalties for late submission of the ITR14 tax return?

The penalty for late submission of the ITR14 tax return is a percentage of the total tax payable. SARS determines this based on how late the return is.

What happens if I don’t submit my ITR14 tax return?

If you don’t submit your ITR14 tax return, SARS may issue penalties, fines, and legal action, including imprisonment. It can also lead to an audit, which can be time-consuming and expensive.

How can I ensure I submit an accurate ITR14 tax return?

To ensure accuracy, you should keep accurate records, hire a tax professional, stay up to date with changes in tax laws, file your return on time, and pay taxes owed in full. Reviewing SARS guidance or consulting with a tax expert if you have questions or concerns may also be helpful.

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