“A tax professional is someone who solves a problem you didn’t know you had in a way you don’t understand.” (Carl Ally, adapted from a quote about architects)
With tax compliance scrutiny intensifying and SARS increasing its detection capabilities with “the latest technology, artificial intelligence, and data science”, South African businesses face mounting pressure to keep their tax affairs 100% in order.
To achieve and maintain this compliance, the expertise of a tax practitioner is invaluable – provided you are using a correctly registered practitioner.
Do I even need a tax practitioner?
The specialised knowledge that registered tax practitioners offer greatly benefits businesses and individuals to navigate more complex tax matters, including:
- multiple income streams
- multiple tax obligations (income tax, VAT, PAYE, SDL, UIF)
- optimisation of complex deductions
- industry-specific tax considerations
- capital gains calculations
- strategic tax planning opportunities.
Businesses that attempt to navigate tax matters alone or with unregistered help face significant risks like:
- missed opportunities for legitimate tax efficiency
- exposure to penalties and interest charges for errors or oversights
- increased likelihood of verifications and audits
- reputational damage
- potential criminal liability in cases of serious mistakes and omissions.
Using a registered tax practitioner can significantly reduce these risks, free up time to focus on your core business, and eliminate the stress of tax-related challenges.
Why must a tax practitioner be registered?
Section 240(1) of the Tax Administration Act mandates that anyone who provides tax advice or completes tax returns on behalf of others must be registered with both SARS and a Recognised Controlling Body, such as SAIPA, SAICA, SAIT or CIBA.
To provide clients with assurance that their tax affairs are in capable hands, these professional bodies impose stringent criteria on registered tax practitioners, ensuring they are:
- qualified according to stringent industry-recognised criteria
- up-to-date with current tax legislation and professional development
- bound by professional codes of conduct or ethics
- accountable to a professional regulatory body
- able to provide recourse for substandard service or fraudulent activities
- covered by Professional Indemnity insurance
- supported by a technical support team for resolving complex tax issues.
More benefits of using a registered tax practitioner >>> CONTINUE READING HERE