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What Is an ITR14 and How Do You Submit It?
Quick Answer What Is an ITR14 and How Do You Submit It? The ITR14 is the annual income tax return for companies and close corporations, filed on eFiling within 12 months of financial year-end. Every registered company must file – even if dormant or loss-making. Missing it triggers administrative penalties from R250 per month. What this means in plain language When CIPC registers your company, SARS automatically creates an income tax profile. Every year, without exception, that profile must file an ITR14 covering the company’s financial year. It declares turnover, expenses, taxable income and calculates corporate tax (or the Small Business Corporation rates if you qualify). See the glossary: ITR14…
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What Is VAT201 and How Do You Submit It?
Quick Answer What Is VAT201 and How Do You Submit It? The VAT201 is the SARS return every VAT vendor files to declare output tax collected minus input tax claimed. Most vendors file every two months via eFiling: declare your sales and purchases, pay the difference (or claim a refund), and keep your records for five years. What this means in plain language Think of VAT201 as the form that settles your account with SARS every second month. You owe SARS the output tax you charged customers; SARS owes you the input tax you paid suppliers. The VAT201 nets the two out. Your filing category (A, B, C, D or…
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How to Register for VAT in South Africa (2026: R2.3 Million Threshold)
Quick Answer How to Register for VAT in South Africa (2026: R2.3 Million Threshold) From 1 April 2026 you must register for VAT once your total taxable supplies exceed R2.3 million in any 12-month period (up from R1 million). You can register voluntarily from R120,000. Register free on SARS eFiling under SARS Registered Details > VAT, submit the required documents, and SARS issues your VAT vendor number after processing. What this means in plain language The compulsory VAT registration threshold increased from R1 million to R2.3 million from 1 April 2026, and the voluntary registration threshold rose to R120,000. If your rolling 12-month turnover crosses R2.3 million, you have 21…
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