Company Tax Returns


company tax returnsWhat are Company Tax Returns?

The company tax return is a legally binding declaration to identify all income received or accrued and all income taxable in the hands of the company.

Are you aware of the recent changes regarding the IT14 return?

PATC (Professional Accountants and Tax Consultants) are up to date with all the current news and changes in the financial sector. The IT14 return has been replaced with a new ITR14 which has new legislative requirements. Large companies will need to complete and submit a more comprehensive return and smaller companies will be required to complete a shortened and simplified return. The company tax return is a legally binding declaration to identify all income received or accrued and all income taxable in the hands of the company. The ITR14 must be completed and submitted within 12 months after the financial year end. It is imperative that the deadlines are not missed as you will be liable for administrative penalties on each return that is outstanding.

Submission of relevant supporting material with the ITR14

For Small Business and medium to large businesses, the submission of signed off Annual Financial Statements (AFS) is compulsory.

Required Information to complete a Tax Return

–        The Tax Reference number

–        Particulars of the company/CC

–        The year of assessment

–        Particulars of the Public Officer

–        Bank account details

–        Financial information in the form of AFS

–        Details of capital/revenue generated

Whether you are a small to medium sized business or a large corporate company, you will need a professional tax service, contact a tax consultant at PATC (Professional Accountants and Tax Consultants) who will be able to assist you with the submission of your returns through SARS Efiling. We also do manual submissions where necessary.

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