Small business owners, traders and members of Roodepoort Chamber of Commerce & Industry (Rocci) held the Taxes Workshop on 19 August.
The workshop was organised by Rocci, and held at Soli Deo Gloria Hotel, Boundary Road in North Riding.
The highlights of the workshop included inter alia turnover tax, small business corporations and provisional tax.
Florence Maine, tax consultant from South African Revenue Services (Sars), advised the attendees to submit their taxes in time to avoid penalties later on.
“We sometimes hear people say that they have registered companies but they are not making money. That means, they have not been trading for some time. But people fail to understand that, they still have to file with Sars, even if the company is dormant and not making any money,” Maine said.
According to Sars, a provisional taxpayer is any person who earns income other than remuneration or an allowance or advance payable by the person’s principal.
Maine also highlighted the importance for companies to submit their tax returns that have up-to-date financials and all relevant documents.
“If the company has not been trading for sometime, it is still advisable to submit the returns. Sars keeps record of that, so when the company applies for a tax clearance, we can see that their returns are up to date. But, we do not register the company for VAT, if it has not been trading,” she said.
Maine explained that they have also advised municipalities that they no longer give companies VAT registration if they are not trading.
“When businesses or small business owners apply for tenders, especially from government, they are asked to submit tax clearances and VAT registrations. If the company is up to date with tax returns, it can get a tax clearance that is valid for 12 months, but it cannot be registered for VAT. We only register the company for VAT, once it has been awarded the tender,” Maine explained.
Francois Strydom, owner of HJJF Trading based in Weltevreden Park, said he benefited a lot by attending the workshop.
“Although I have an accountant who helps me with my finances, it is important for me to know about taxes that are relevant to my business.
“As a businessman, I wanted to know all the procedures and requirements that are needed for different taxes that I am subjected to. It also made things much clearer for me as business owner,” remarked Strydom, who also resides in Weltevreden Park.
Details: Roodepoort Chamber of Commerce & Industry www.rocci.org or 086 111 3304.
Related articles:
Femininity celebrated with Lady Rocci
