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

Navigating the IT14 Tax Return – Avoid Common Pitfalls and Costly Mistakes

Learn more about your IT14 Tax Returns with Company Partners exclusive insights

We sat down with one of our SAIBA and SAIT accredited Accountants , Jack Liebenberg, to share with us the “insider information” on everything you need to know about the annual IT14 Tax Return submissions. From new 2024 tax processes to how to avoid overpaying money to SARS, we’ve got it all laid out for you in our exclusive interview with Jack below.

Jack Liebenberg shares some insights into IT14 Tax Returns at SARS during 2024

What is an ITR14 and why is it important?

An IT14 is the official form that must be completed annually to report your company’s or close corporation’s financials for tax purposes for the previous financial year.

Essentially, it serves as a summary of your August and February financial submissions to SARS. If you have missed 1 or 2 transactions, you can include them in your IT14 submission.

What’s new in the IT14 tax return process for 2024?

The principles for allowable and non-allowable income and expenses did not change during the year. The deadline for the IT14 submissions is within 12 months after your year-end. The portal at SARS opened and it can be submitted now for the 2024 financial year that ended 29 February 2024.

With the IT14 deadline approaching, what crucial steps should businesses be taking to ensure they’re prepared?

The first step is to ensure that a registered representative is appointed at SARS and that all tax submissions are up to date. The annual financial statements must be completed and signed off by an accredited accountant, as these will need to be uploaded onto the SARS eFiling system when submitting the IT14 form.

What are the top 5 mistakes that businesses often make when filing their IT14 tax returns, and how can they avoid overpaying?

It is difficult to explain, as it differs from case to case. It is advisable to make use of a registered accountant to assist businesses to ensure that they do not overpay SARS, but it is also just as important not to underpay SARS. You need to ensure that you play within the tax laws to avoid penalties or legal action from SARS.

Could businesses unknowingly be losing money on their IT14 tax returns? Tips not to?

Yes, as some allowable expenses are not always taken into account when calculating the tax liability, for example, some donations are not tax deductible, while others are. See below a list of eligible deductions:

Eligible Deductions:

Businesses can deduct a variety of expenses from their taxable income (thereby reducing their taxes). Below is an example of typical expenses a Security Company can include in their deductions:
Expense Type DescriptionPractical Examples
Operational Costs Day-to-day expenses necessary for running the business.Rent for office space, utilities like electricity, and office supplies.
Employee Salaries Wages paid to employees, including security personnel and administrative staff.Monthly salaries, overtime payments, and bonuses.
Training CostsExpenses related to improving staff skills and qualifications.Security guard certification courses with PSIRA, and first aid training.
Equipment DepreciationDeduction for the wear and tear of assets over time.Depreciation on surveillance equipment, and company vehicles.
Marketing ExpensesCosts incurred to promote the business and attract clients.Advertisements in local newspapers, and online marketing campaigns.
InsurancePremiums are paid for business insurance policies.Liability insurance, vehicle insurance for company cars.

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!
Get a FREE Consultation

What are the pros and cons of doing it myself, asking a friend or using a registered Accountant?

A registered accountant has studied for years and gained experience in completing tax returns. They are well-versed in which expenses are deductible and which are not. This specialised knowledge is not easily accessible to individuals without formal study and experience in the tax field.

I have a big tax backlog and not sure if I am ready to do my latest return - what should I do?

When completing your IT14, the Annual Financial Statements are required to be uploaded..  This includes the Income Statement and Balance Sheet.  If your accounting has not been done since you first started your business, your Balance Sheet may not accurately reflect the financial position of your company. As a result, it cannot be submitted via the SARS eFiling system, as it is not correct.  It is advisable to contact us to assist you in getting your financial records up to date. That is the reason for the Backlog accounting service, as well as a monthly accounting maintenance plan that we offer.

Now offering a free tax backlog review to insure your IT14 tax return is up to date

Want a FREE Tax Backlog Review for your business?

We specialize in helping South African SMEs and entrepreneurs get back on track with their outstanding Tax and Accounting.

Our Tax specialists can provide you with a FREE Tax Backlog review to identify what is outstanding at SARS and set up a personalised plan to address your Tax backlog, payment plan with SARS and outstanding accounting work required.

Requirement: Company Bank Statements
Timeframe: 1 Week

Apply Now
There is no risk for you – just reward! T&C’s Apply.

I need structure in personal / company / trust tax, how do I go about this?

If your accountant is responsible for the tax returns of the business, as well as your personal tax returns, it gives a better overview of the tax liability of both. This opens the door for tax savings, because the accountant can structure the income of the individual in such a way, that the benefits of tax savings available for the individual and the business, are optimised.

What will happen if I am trading but did not make profit and submit R0 returns?

SARS is able to audit your company from the day you registered your company and you will be liable for penalties at SARS.

expert tip

Learn how Local Business Owner, Sakhele Mzamo used our Tax Consultation and Accounting Services to get back on track at SARS.

Play Video

Video Transcript

Local Cape Town business owner, Sakhele Mzamo, recently used Company Partners’ Tax Services to get back on track with SARS.

Meet Sakhele Mzamo, the owner of Mzamo’s Steel Work. Before discovering Company Partners, his business was not up-to-date with its tax compliance. He also wasn’t sure how to manage his taxes and was concerned about falling behind with SARS.

Then, he found Company Partners online, visited our offices at Office 102, III Edward, 70 Edward Rd, Bo Oakdale, Cape Town, 7530, and met with one of our business consultants, Cynthia.

Cynthia understood Sakhele Mzamo’s needs and introduced him to our accounting department, where Ruan provided further assistance. They assessed where Mzamo’s Steel Work was behind on its tax obligations and helped Sakhele get back on track with SARS.

Today, Mzamo’s Steel Work is proud to say they are fully compliant with all tax requirements at SARS. Thanks to Company Partners’ monthly tax services, they no longer have to worry about falling behind with their taxes.

Sakhele Mzamo’s advice to other business owners who are struggling with tax compliance is to contact Company Partners. They offer a free tax review to help you get on track with SARS.

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

Contact us today!

Recommended for you

Sign Up to our Newsletter

Send via WhatsApp