The South African Revenue Service (SARS) has announced that electronic invoicing (e-invoicing) will become mandatory by 2028. This change is part of their ongoing VAT modernisation strategy – and it will have a big impact on how businesses handle their invoices and tax reporting. What is E-Invoicing? E-invoicing is a digital way of sending and…
As we step into the new financial year, it’s the perfect time to get your books in order. Whether you’re running a small business or managing personal finances, good bookkeeping habits are essential. Let’s walk through a few best practices that will help you stay organised, stay compliant, and set yourself up for financial success…
The South African government has announced a forthcoming increase in the Value-Added Tax (VAT) rate, set to rise from the current 15% to 15.5% on 1 May 2025, with a subsequent increase to 16% on 1 April 2026. This staggered approach replaces the initially proposed 2% hike and aims to balance revenue generation with economic…
2026 tax year in South Africa introduces several important changes that will impact both individuals and businesses. As a taxpayer, it’s crucial to stay informed about these updates to ensure compliance and optimise your financial planning. Understanding these shifts can help you avoid penalties, take advantage of available incentives, and streamline your tax obligations. Key…
In South Africa, not all companies are required to have their financial statements audited. However, under the Companies Act 71 of 2008, certain businesses must comply based on their structure, financial position, or Public Interest Score (PIS). Failing to comply with audit requirements can result in penalties, reputational damage, or even legal consequences. Below is a detailed…
As the Provisional Tax deadline approaches, it’s important to ensure you’re fully prepared to avoid any last-minute stress or penalties. The second provisional tax payment for the 2025 tax year is due on 28 February 2025. In this blog, we’ll provide key insights on how to stay compliant with SARS regulations and make sure your…
Why You Should Be Vigilant When Receiving SMSs or Emails from SARS In the digital age, communication and transactions have become more convenient, but with this convenience comes the increased risk of falling victim to scams. Recently, there has been a surge in fraudulent SMSs and emails claiming to be from the South African Revenue…
Provisional Tax is a critical component of the South African tax system, helping to spread the tax burden for individuals and businesses throughout the year. As a provisional taxpayer, it’s crucial to stay on top of your deadlines to avoid unnecessary penalties and ensure smooth financial operations. What is Provisional Tax? Provisional Tax is a…
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…
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),…
