TC inc.

TRAVEL LOGBOOK - "SARS recently changed the format in which logbooks should be captured. It is now compulsory to keep a logbook of all business kilometres travelled if taxpayers want to claim a travel deduction. The logbook must contain the following minimum information relating to business travel:    The date of travel.    Total kilometres travelled (business and private).    Travel details (where to and reason for the trip). Taxpayers have to record their odometer readings on 1 March each year (the first day of the tax year for individuals), and again on the last day of February the following year (the last day of the tax year for individuals). The difference between the closing and opening readings will give the total kilometres travelled for the year. It is true that the above exercise can be quite stressful—sometimes, you could also simply forget to update the logbook timeously—which again poses the question of whether the logbooks submitted to SARS are a true reflection of the taxpayer’s business travel. SARS however reserves the right to audit and query the content or information recorded by the taxpayer in any logbook." (excerpt from a publication written by SIBONGILE JEMBULA)

REGISTERED REPRESENTATIVES @ SARS In terms of section 234(2)(b) of the Tax Administration Act, 2011, the wilful or negligent failure to appoint a representative taxpayer or notify SARS of the appointment or change of a representative taxpayer within 21 days of the appointment, and in the correct form, is considered a criminal offence. In addition, failure to update these details impacts the ability to register tax types. When taking on a new client and completing the onboarding process, it is advisable to ensure that these details are up to date.

TAX SEASON 2024 Tax filing season for non-provisional individual taxpayers closes on Monday, 21 October 2024. Taxpayers are advised to ensure that their returns (of not already submitted) are submitted before the above-mentioned cut-off date to avoid incurring penalties. In an effort to ensure compliance, SARS will be extending their operation hours at some of their branches on Saturday, 19 October 2024.

WE OFFER SERVICES TO - Veterinary Practices: Providing accounting services tailored to animal healthcare practices, including billing reconciliations and regulatory compliance. TC inc. 021 976 8411 info@tc-inc.co.za

WE OFFER SERVICES TO - Veterinary Practices: Providing accounting services tailored to animal healthcare practices, including billing reconciliations and regulatory compliance. TC inc. 021 976 8411 info@tc-inc.co.za

WE OFFER SERVICES TO - Plumbers: Helping with project accounting, overhead costs, and contract compliance. Normal tax and statutory compliance for your business too. TC inc. 021 976 8411 info@tc-inc.co.za

WE OFFER SERVICES TO - Electricians: Helping with project accounting, overhead costs, and contract compliance. Normal tax and statutory compliance for your business too. TC inc. 021 976 8411 info@tc-inc.co.za

We wish you a 'lekker' HERITAGE DAY! Enjoy the break...

WE OFFER SERVICES TO - Designers & artists: Helping with project accounting, overhead costs, and contract compliance. Normal tax, bookkeeping and statutory compliance for your business too. TC inc. 021 976 8411 info@tc-inc.co.za

THE PERFECT PAIR - We might not be matchmakers, but we can help you manage your future when you have found your match. Talk to us about wealth, tax and estate planning for you and your loved ones. That is future thinking. TC inc. 021 976 8411 info@tc-inc.co.za