Category: Accounting and Tax Blogs

2025 Provisional Tax Season: Key Tips and Deadlines

Tax documents and calculator for 2025 provisional tax return

As the 1st Period of the 2025 Provisional Tax Season approaches, it’s essential for South African taxpayers to be prepared. Submissions are due in August 2024, and staying informed can help ensure a smooth filing process. What is Provisional Tax? Provisional tax is a method of paying your income tax liability in advance to prevent…

Prepare for the 2024 Tax Filing Season with Professional Accountants and Tax Consultants

As the 2024 tax filing season approaches, it is crucial to be aware of the key dates and necessary preparations to ensure a smooth and efficient process. At Professional Accountants and Tax Consultants (PATC), we are committed to helping you navigate the complexities of tax filing. Key Filing Dates for 2024: For individual taxpayers (non-provisional),…

Understanding IT3(d) Reporting: Navigating South African Tax Compliance for PBOs

In the ever-evolving landscape of South African tax law, keeping up with regulatory updates is vital for nonprofit organisations, particularly those operating under Section 18A. As the annual deadline for submitting IT3(d) certificates approaches, it’s crucial to understand the significance of these requirements and their implications for compliance. IT3(d) Reporting: A Necessary Evolution The requirement…

Navigating Beneficial Ownership Regulations at CIPC in South Africa

As of December 11, 2023, South African businesses must include Beneficial Ownership information in annual returns filings with the Companies and Intellectual Property Commission (CIPC). Here’s what you need to know to ensure compliance and safeguard your business. Comprehending CIPC’s Beneficial Ownership Mandate Avoiding the risk of company deregistration is paramount. Ensuring that your Beneficial…

Important Reminder: SARS Income Tax Deadline For 2023

As we approach the end of the financial year, we would like to ensure that you are well-informed about the upcoming deadlines for filing your income tax returns with the South African Revenue Service (SARS). Deadline for Individual Taxpayers (Non-Provisional): October 23, 2023 For individual taxpayers who are not on the provisional tax system, please be reminded…

Why You Need to Outsource Your Bookkeeping to PATC

Maintaining accurate and up-to-date financial records is a crucial aspect of running a successful business.  Bookkeeping is the process of recording all financial transactions, including purchases, sales, payments, and receipts.  It is essential to have good bookkeeping services to ensure that your business finances are well-organised, accurate, and compliant with legal requirements. PATC’s bookkeeping services…

The Benefits of PATC’s Remote Accounting Services

The benefits of PATC’s remote accounting services continues to grow and adapt as the world gears towards a more remote working environment. In recent years remote accounting services have revolutionised the accounting industry as the world has witnessed a tremendous shift in the way businesses operate, thanks to technological advancements. The accounting industry has embraced…

Why You Shouldn’t Ignore Financial Year-end

You’ve probably heard the term “financial year-end” used by businesses, particularly in the business world. But what does it all mean, and why is it important? In this blog, we’ll look at the concept of a company’s fiscal year end and how it affects businesses. What exactly is the end of the financial year? A…

Gavin Bacon Reappointed as Tax Court Member

Tax Court Member Reappointment Professional Accountants and Tax Consultants (PATC) is proud to announce the reappointment of Gavin Bacon as an accountant member of the Tax Court of South Africa. This prestigious appointment was recently made on the 4th of January 2023. Gavin is no stranger to the Tax Court having been a previous Commercial…

Working From Home and Tax Implications

While working remotely has become a norm for many companies it does come with certain complications such as a scattered workforce and its various tax implications. While many offices are equipped to help employees work efficiently, working from home for long periods of time can become challenging, the need for equipment and supplies therefore becomes…