Most people have this general belief that they will save money in the long run if they take care of their own tax returns. These people are opposed to hiring tax consultants to get their taxes in order, but this is not always the best idea, especially if you are a business owner. Tax returns can be complicated as there are lots of formalities and forms to be looked into. Also, if you do not submit complete and 100% error-free documents, things could get messy. Tax consulting in South Africa is undertaken by lots of qualified and experienced professionals who can ensure that your burden and stress are reduced and no errors occur when taxes are filed.

There are many advantages to hiring tax consultants for filing of annual taxes. Let’s look at some:

1. All Confusions are eliminated – To be honest, we all need help with filing taxes, but the need is more severe if you’re a business owner. With a professional by your side, you can rest assured that you will face no issues or confusions when it is time for you to sort out your taxes for the year. With knowledge of tax laws, an eye for detail and lots of patience, a tax consultant will ensure that all your queries are answered even before the process begins and you do not get into anything that you do not understand.

2. Risks and Errors are eliminated – Filing taxes can be a mammoth task, especially if you don’t know anything about it. With so many good Tax companies in Johannesburg, you really don’t have to take this rather complicated journey alone. When you have a qualified and experienced tax consultant with you, you don’t have to worry about forms, documents, statements, etc., going wrong. The hired consultant will get all the paperwork in order and ensure that you’ve filled everything correctly.

3. Tax Benefits – Tax filing specialists, with their knowledge and experience, will be able to guide on ways to gain tax benefits that will help you in a huge way in monetary terms. Also, when you try and do taxes yourself, you might miss out on some tax deductions that will never escape the eyes of a skilled consultant.

4. The Process Becomes Hassle Free – You don’t have to worry about looking into tax laws and rules (which frequently keep changing, by the way). The job of a consultant is to stay updated about each and every change that happens and will obviously know much more than you. All you need to do is hire a good consultant and share all the information.

5. You Get Peace of Mind – Knowing that a knowledgeable expert is taking care of your taxes will definitely give you lots of peace of mind, and you cannot put a price on that.

Value Added Tax (VAT) is the sales tax which is usually charged on the consumption of goods and services in the UK. The businesses with a taxable turnover of more than £81,000 must register for VAT. After your business is VAT registered, it can charge and reclaim VAT on goods and services sold to customers and purchased from other businesses respectively.

As mentioned earlier, registering for VAT is mandatory for businesses with a taxable turnover above the threshold; business can also go for a voluntary VAT registration.

Voluntarily VAT registration has many benefits for your business. Take a look at them.

Financial penalties

If you are not careful about your turnover, then you might fail to notice when it is over your VAT registration threshold. Such carelessness could result in a minor or major penalty. With voluntary  registration, you do not have to worry about passing the threshold and penalties.

Business profile

Your customers are aware of VAT registration threshold. This means when you voluntarily registering your business, it might give an impression as a bigger business and successful than it already is to your customers.

Business Dealings

Many suppliers want to do business with VAT registered companies. If you aren’t registered, you won’t be able to produce a VAT invoice which gives them a solid ground not to trust your business. However, if you are voluntarily registered, you are given a VAT registration number which will help you in dealing with your suppliers and organisations.

VAT Refunds

If you have voluntary registered for VAT, it can help you to claim VAT on goods and services purchased for your business. It can further allow you to reclaim VAT from the last 4 years as long as you have correct VAT records.

Credibility

When you register voluntarily, you will get a VAT registration number. This number can be displayed on your business website and correspondence which only increases the credibility of your business. Moreover, it may also give you chances to work with other bigger firms as they are only interested in doing business with VAT registered companies.

After you are voluntarily registered, you should keep proper records, invoices and submit a VAT return in every quarter. 

This registration process can be complicated at times. In such situations, specialist VAT consultants are the ones who you should run to. They can offer expert advice on these matters and suggest you on what to do next. 

Tax Acts are based on a wide range of exemptions, tax computation, deductions, assessing offers, time limitations and provisions. It is the reason; most of the people consider it impracticable to know about tax law. They need the support of lawyers and accountants, even to understand a single section. The taxmann android application is launched to provide an easy access to tax law, income tax, tax calculator, service tax, companies and bank act.

It is a user friendly application that does not demand any qualification to understand the legal terms. Even if you cannot understand a section or commencement, definition is provided in simple language. The application is a great supporting tool for all those people, who are practicing the tax or law. The Android app will help the students who are studying Chartered Accountancy and Cost Management Accountancy. They just need to type the keyword and brush up tax information through custom view and split view pages. If they find some useful information, the app allows them to save the notes, add to bookmark or store the information to view when they are offline.

Apart from tax law, the taxmann android application provides information about corporate law. The Corporate Law defines how employees, stakeholders, creditors, shareholders, consumers and the directors should work together. It deals with the development of new companies and the problems that occur when existing companies work with the government, other companies or the public.

The size of mobile app is just 791 k and it requires 2.2 or upgraded Android version to install the app. Install the tax and corporate act application, read the top stories on e-filing, tax commutation, tax proposals, foreign exchange law, banking and insurance law, companies act, excise, custom and much more. Furthermore, taxmann android application shows e-books, magazines, e-Journals, video lectures, e-Services and tax compliance tools to help the students, businessmen, lawyers and other professionals.

Recently, the android application is comprised of 141 Acts as well as 349 Rules; however the app is regularly updated to include changes in business or tax law. Though the application is related to Indian Act, but any Android user can avail the opportunity to install the app and get benefit from additional feature, irrespective of place and time. It is expected that performance of taxmann android application will be improved and useful modules will be added for the convenience of Android users. 

Are you in search of a comprehensive corporate and tax law app? Taxmann Available on Android / iPhone.