Raymond Wilson Bookkeeping

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Raymond Wilson Bookkeeping

Personalised bookkeeping services - making sense of clutter

29/01/2020

RAYMOND WILSON BOOKKEEPING - Ask Raymond!

How is a tax penalty calculated if I underestimate earnings?

1. Earning R1 million or less, the penalty could be up to 20% of the amount by which your estimated provisional tax in your first and second returns fall short of 90% of the income tax you are found to be liable for when your return is assessed at the end of the tax year.

2. Earning greater than R1 million = up to 20% of the amount by which your estimated provisional tax falls short of 80% of your assessed income tax.

For more information and/or assistance, contact Raymond from Raymond Wilson Bookkeeping. Provisional tax for Feb is around the corner, and you need to give your Bookkeeper time to do your books. Do not leave it to the last minute.

Again, contact Raymond for assistance!

28/01/2020

27/01/2020

RAYMOND WILSON BOOKKEEPING - Ask Raymond

Why and under what circumstances should I submit a Nill Tax Return?

Note! This is for individuals who qualify under Provisional Tax.

If you have earned nothing but you are a provisional taxpayer, it is advisable to still submit a provisional (nil) return. This ensures that you have an unbroken filing history with Sars.

Remember, Raymond from Raymond Wilson Bookkeeping is a phone call away. Reach out if you need assistance.

23/01/2020

RAYMOND WILSON BOOKING - ASK RAYMOND

When submitting Provisional Tax, here are 10 things to avoid!

1. Do not offset losses
2. If you receive a salary and don't PAYE, you are a Provisional Taxpayer
3. Avoid a penalty for underestimating your tax liability
4. Late payments must be avoided
5. Not submitting a return is a no-no. Rather submit a nil return
6. Make a third ‘top-up’ payment to avoid interest
7. Don’t overlook capital gains and investment income
8. Keep your supporting calculations and documents
9. Take note of weekends and public holidays
10. Ignorance is not an excuse

If any of the above has gone over your head, don't feel bad. Most of us do not have a clue. That is why we employ (or outsource) a good Bookkeeper.

Reach out to Raymond from RWB for assistance.

21/01/2020

RAYMOND WILSON BOOKKEEPING

Ask Raymond?

Provisional Tax? How Many Payments must I make?

Well first we need to understand that Provisional tax is not a separate tax. It is a system that requires taxpayers to provide for their final tax liability. This is done in advance and at least 2 amounts is paid in the course of the year of assessment, which are based on estimated taxable income. Note! Final liability, however, is determined upon assessment.

The aim of Provisional Tax is to help taxpayers meet their liabilities in the form of two payments, instead of in the form of a single, large sum on assessment, which can be a shock to the system and really hurt your bank balance.

Note! A third payment after the end of the tax year, but prior to the issuing of the assessment, is optional.

For more information on how this affects you as business or non-business entity, reach out to Raymond at Raymond Wilson Bookkeeping. Feb 28 is around the corner, and leaving it to the last minute could lead to late submission and ultimately penalties.

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Opening Hours

Monday	09:00 - 17:00
Tuesday	09:00 - 17:00
Wednesday	09:00 - 17:00
Thursday	08:00 - 17:00
Friday	09:00 - 17:00

Website

https://rwb.business.site/

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