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0800 007 269 (Toll Free)

Get Compliant from Anywhere, Easy and Fast!

0800 007 269 (Toll Free)
Get Compliant from Anywhere, Easy and Fast!

Table of Contents

  • Tax & Accounting

IT14 Tax Returns Due at SARS: A Guide for Small Businesses

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Whether your company is actively trading or temporarily dormant, SARS requires all companies registered before 1 March 2024 to file their ITR14 (IT14) Tax Returns annually to be compliant.

Understanding ITR14 Tax Returns for Small Businesses

The ITR14 Tax Return, also known as IT14 tax Return, is a crucial annual requirement for all companies registered in South Africa. For small businesses, understanding and complying with this obligation can prevent hefty penalties and ensure smooth operation and compliance at SARS.

 
 

What is an ITR14 Tax Return?

An ITR14 Tax Return is the tax form that Companies or Close Corporations must complete and submit on an annual basis. This form provides detailed information about a company’s income, expenses, and other financial activities for the year. This information helps the South African Revenue Service (SARS) determine how much Income Tax the company needs to pay.

If you’re wondering, “What’s the difference between ITR12 and ITR14?” The ITR12 is for individuals and trusts, while the ITR14 is specifically for Companies and Close Corporations.

 

Who Needs to File an ITR14 Tax Return?

All registered Companies or Close Corporations in South Africa must file an ITR14 Tax Return.

This includes:

  • Active trading companies (can show income coming into the business).
  • Dormant companies (No record of income coming into the business).
  • Companies that were registered before 1 March 2024.

It is mandatory for these entities to submit their Tax Returns annually, regardless of their operational status.

Learn more about our free tax backlog review to ensure your IT14 Tax Return is up to date.

Do you know your Tax Status?

Our Tax specialists can provide you with a FREE Tax Backlog review to identify what is outstanding at SARS and what your current Tax status is…we will also provide you with a tailored Tax Plan to ensure you are compliant with SARS this tax season.

How it works

  1. We review your current Tax status at SARS to identify any outstanding tax return submission or Taxes payable.
  2. We then set up a plan out for you how you can make a payment with SARS (on backlog taxes) – and arrange the payment plan with SARS for you (if you want this).
  3. We plan out how you can catch-up with the accounting work needed – we’ll spread it out according to your budget (Optional).
  4. We’ll get you a custom monthly tax & accounting maintenance plan to stay in the game. (Optional).
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Learn how Local Business Owner, Sakhele Mzamo used our Tax Consultation and Accounting Services to get back on track at SARS.

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Required Documents for Filing an ITR14 Tax Return

Filing an ITR14 Tax Return requires meticulous preparation and accurate documentation. Here are the essential documents you need:

    1. Annual Financial Statements: These include the income statement, balance sheet, and cash flow statement.
    2. Supporting Documents: Detailed breakdowns of income, expenses, and other financial activities.
    3. Tax Calculations: Worksheets showing the calculation of taxable income and tax payable.
    4. Fixed Asset Register A record of all fixed assets owned by the company, including details of acquisitions and disposals.
    5. Loan Agreements: Documentation of any loans taken by or given out by the company.
    6. Company Information: Updated details about the company’s directors, address, and other relevant company details..
    7. Registered Representative at SARS: Did you know SARS requires a registered representative as the main contact person for your company at SARS? This person will have permission to handle a company’s tax transactions on SARS eFiling. This access lets you submit the relevant tax returns. You will not be able to do any transactions on SARS without having a Registered Representative. (We can assist)

Making sure your monthly accounting is in order and up to date will streamline the filing process and ensure compliance with SARS regulations.

Need Assistance with your Monthly Accounting and Tax?

Get a FREE Consultation with a trusted SARS Specialist today and see how we can help you!
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When to Submit ITR14?

You need to submit your ITR14 Tax Return (also called IT14) from 15 July 2024. It’s very important to meet this deadline to avoid penalties and keep your company in good standing with the South African Revenue Service (SARS). If you miss this deadline and become non-compliant, you risk losing business opportunities, such as contracts or government tenders.

How to Complete ITR14 on eFiling

Completing the ITR14 on eFiling can be straightforward if you follow the correct steps:

  1. Log into your SARS eFiling account. 
  2. Navigate to the Returns Issued section and select “Income Tax (ITR14)
  3. Complete the return by filling in the required sections**, such as company details, financial statements, and tax calculations.
  4. Upload supporting documents as needed.
  5. Review and submit your completed return.
  6. Confirm submission and retain proof for your records.

Following these steps will help ensure your submission is accurate and timely, preventing any compliance issues with SARS.

how to file ITR14 tax return at sars

Need assistance filing your ITR14 (IT14) Tax Returns?

Our Tax Specialists will assess your needs and guide you through the process.
With over 50 compliance specialists, we have assisted thousands of Entrepreneurs become compliant at SARS. We even assist small and large companies with Monthly Accounting and Payroll, to cover all their Tax Compliance needs. Avoid SARS penalty fees for late submissions with our exclusive July Tax Specials.
Claim Your Free Tax Consultation Now

Want to Learn more about the IT14 Tax Submission?

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Frequently Asked Questions

Missing the deadline can result in penalties of up to R16,000 per month for non-compliance.
Yes, even dormant companies are required to file their IT14 Tax Returns annually to avoid penalties.

We offer expert guidance, a Free Tax Backlog Review, and a customised tax plan to ensure your compliance with SARS.

We recently created the SmartTax Tool to help you determine your tax savings in South Africa for your business.

Yes, we offer a Free Tax Consultation to assess your Tax needs and provide you with the best Tax and Accounting solutions for your business.

Contact us today and let Company Partners help you stay compliant and avoid unnecessary penalties this tax season.

Get your Company's IT14 tax returns in order today by using our registered accountant!

Contact us today!

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