The South African Revenue Service (SARS) is the nation’s tax collecting authority. Established in terms of the South African Revenue Service Act 34 of 1997 as an autonomous agency, we are responsible for administering the South African tax system and customs service. We are heedful of the role of taxation in nation-building and therefore deem the tax system as an asset that belongs to the nation.

If your business is facing a VAT audit by SARS, it is important that you have these 10 financial records on hand. Namely, VAT return totals, VAT control account, VAT interest and penalties, tax invoices, debtors, trade, previous audits, taxable supplies, VAT refunds, as well as assets and liabilities.

If the tax man ever comes knocking, make sure you have all your "ducks in a row". One regulation that will apply to you is employees' tax. Even if you only have one employee, it's important that you are up to date with employee-related taxes. This article explores employees' tax by defining import terms, looking at the basic principle of employees' tax, and outlining the importance of the IRP5 certificate.

Small businesses have preferential rates that are applicable, but one of the requirements is that the business must trade as a private company in order to qualify. As a registered business, SARS is now able to award you the preferential rates. The bottom line is that you need to be willing to change your mindset and work with the system. You will find it far more rewarding than the constant butting your head against a brick wall.

It’s easy to see why one would get confused when it comes to Tax and VAT.

A business owner or professional person often uses part of his or her primary residence for business (non-residential) purposes. When the residence is sold, a special Capital Gains Tax (CGT) treatment applies. It is important that a business or professional person is aware of the existence of the complexities of CGT and seeks expert CGT advice when a sale of the dual-use residence is anticipated.