Practical Tax for your business

1. How to pass the SARS audit test And reduce your tax bill by up to 50% This FREE presentation shows you exactly how to avoid the 7 most expensive tax traps!

2. It's urgent that you watch this entire presentation...RIGHT NOW. You’ll see why in a few minutes...

3. Hi, my name's Fulvia Stoltz. I'm a manager at FSP Business. I have some very important tax insights to share with you today.

4. Even after recent tax amendments South Africa is still one of the countries with the highest tax rates in the world. As a self-employed person or small business you’re hit especially hard.

5. Today, I’d like to show you a way out of this difficult situation. In a minute, I’ll show you how to avoid the seven most expensive tax traps – without spending a lot of time, without lying to SARS and without illegal tricks.

6. It’s for exactly these reasons that we developed the Practical Tax Loose Leaf service.

7. What are your biggest tax fears? Where can you find a proper answer to questions about taxes, any time?

8. Who will show you ready-to-use solutions in a clear and understandable way?

9. Our Practical Tax Loose Leaf will do all this, and more!

10. With it you won’t lose a rand to SARS. And you can always count on being up-to-date with legislation and jurisdiction.

11. You can rely on the opinions and tips given by our tax experts!

12. The Practical Tax Loose Leaf will give you:

14. Some might seem harmless, but they catch thousands of taxpayers out each day. You don’t want to be one of them!

15. Tax Trap #1 – Hidden assets You don’t declare all your assets when you complete the personal statement of “assets and liabilities” in your tax return.

16. SARS uses this statement to spot and investigate any substantial or unexplained rise in your income, so it can claim its piece of the pie!

17. And if SARS discovers that you’ve been keeping quiet about the extra income you’ve been receiving, it’ll penalize you heavily AND tax that extra income.

18. So make sure you reconcile your statement of assets and liabilities, with your net income declared, each year - BEFORE you submit your tax returns.

19. As our experts say, it’s smartest to declare the true value of assets in the first year you’re declaring them on this statement.

20. TIP: Keep track of what you declared in the past as SARS can perform this exercise over a number of years.

21. Tax Trap #2– Hidden interest

22. Tax Trap #2– Hidden interest You don’t declare interest received on investments when completing your tax return.

23. Too often, taxpayers believe they can sneak interest in under SARS’ radar. But if SARS catches you out, you’ll have to pay additional tax up to 200% on the amounts that you failed to disclose.

24. Don’t take chances when it comes to lump sum payments and interest!

25. Financial institutions – like your bank - are required to submit information to SARS of all interest payments made to investors. This is submitted electronically, and is linked to your tax records.

26. At the click of a mouse, SARS can investigate your interest. So make sure that what’s declared on your tax return is the truth about what you’re earning!

27. Tax Trap #3 – Troublesome lease agreements

28. Tax Trap #3 – Troublesome lease agreements Your lease contract on business equipment – on which you’ve been claiming depreciation - has expired and you take ownership from the bank for a minimal payment.

29. Be aware of the implications of claiming wear and tear, depreciation or lease payments on business assets.

30. Yes – you’re allowed to recoup the expenses in cases where the asset is sold or the lease on it expires…

31. But don’t forget that the difference between the market value of the asset, less what you paid for it, is income. You have to declare it as such.

32. Tax Trap #4 – Faulty invoices

33. Tax Trap #4 – Faulty invoices Your claim for input tax paid was disallowed by the SARS due to invalid invoices received from your supplier.

34. It’s up to YOU to make sure that all invoices issued to you or BY you are valid. You aren’t allowed to claim input tax without an invoices that don’t meet SARS requirements.

35. Check your invoices for these 4 common errors:

36. Check your invoices for these 4 common errors: The name and address of the purchaser may have been omitted.

37. Check your invoices for these 4 common errors: The name and address of the purchaser may have been omitted. The words “Vat Invoice” or only “Invoice” may appear instead of “Tax Invoice”.

38. The amount of Vat isn’t shown separately, or it isn’t stated that Vat is included in the price and has been charged at 14% or 0%.

39. The trading name, address and Vat registration number of the business aren’t stated on invoices.

40. Tax Trap #5 – Provisional taxes

41. Tax Trap #5 – Provisional taxes You base your provisional tax estimate on your actual income and pay more than the amount stated on your last tax assessment.

42. You don’t have to pay the full amount due to the SARS immediately. Your first and second provisional tax payment estimates may be based on the taxable income of your latest assessment - the “basic” amount.

43. But if your actual income has increased, use the voluntary third provisional payment to pay up the taxes you owe. This way, you’ll avoid interest charges as a result of underpayment of provisional tax!

44. Tax Trap #6 – Fringe benefits

45. Tax Trap #6 – Fringe benefits You benefit from considerable tax savings as you make use of company owned assets such as a car and a house.

46. Make sure you declare taxable benefits resulting from the use of company owned assets (like cars, homes, etc).

47. If your statement of personal assets and liabilities show that you don’t own any personal vehicles and no taxable benefit for the use of a company car is declared, it’s an open invitation to SARS to initiate a thorough investigation into your financial affairs.

48. And finally,

49. And finally, Tax Trap #7 – The wrath of disgruntled ex-employees

50. And finally, Tax Trap #7 – The wrath of disgruntled ex-employees You’ve dismissed an employee who was previously entrusted with all your financial and tax affairs.

51. This is a real threat! It’s not uncommon for disgruntled employees or ex-employees to report the wrong-doings of their employers to SARS… Especially cases where employers failed to deduct tax or fully disclose turnovers.

52. These cases are normally evaluated and referred for immediate investigation and could even result in a raid on your premises…

53. Be wary of possible retributions from employees, ex employees and even scorned lovers or spouses!

54. I don’t want you to fall into any of these traps! Order your copy of the Practical Tax Loose Leaf today to review at no cost for 14 days!

55. You’ll receive:

58. Plus, as a subscriber, you’ll get these 3 additional free services:

59. Plus, as a subscriber, you’ll get these 3 additional free services: 1. The Tax Helpdesk – where our experts answer your quick tax questions by email within 72 hours

60. 2. An information archive, where you can access all our past content online

61. 3. A daily email, the Tax Bulletin, which will keep you up to date on any tax law changes, deadline dates and important information

62. AND it’s tax deductible! So you’ll recover at least a third of your investment.

63. Order you copy of the Practical Tax Loose Leaf today to review at no cost for 14 days!

64. You pay nothing upfront. Just let me know where to send it, and we’ll rush it to your address.

65. Take 14 days to use the handbook. If, after these 14 days, you decide it’s not what you expected, send it back and we’ll forget about the bill.

66. Order right now, and we’ll throw in two extra FREE GIFTS!

67. 1. You’ll receive a copy of “Take on SARS and win!”. It shows you exactly how to tackle SARS through the alternative dispute resolution process.

68. 2. You’ll also get a copy of the booklet, “How to Survive a SARS Audit”, filled with practical checklists and tips.

69. MrOtgaar took me up on this offer. Here’s what he had to say about the Practical Tax Loose Leaf:

70. MrOtgaar took me up on this offer. Here’s what he had to say about the Practical Tax Loose Leaf: “The Practical Tax Handbook paid for itself several times over with regard to tax saved and reduced fees to our accountant”.

71. And here’s what another subscriber, Miss Mckenzie, had to say:

72. And here’s what another subscriber, Miss Mckenzie, had to say:“It’s well indexed, updated throughout the year in digestible chunks, keeps me up-to-date, allows me to arrange my tax affairs to my best advantage AND keep my accountant on his toes”

73. Make sure you’re always one step ahead of SARS. Order your copy of the Practical Tax loose Leaf today and I’ll make sure you have it on your desk by next week.

74. During the 14 day trial period, see for yourself how useful it will be in your office. Use all the tips, checklists, sample forms and advice as often as you wish.

75. When the time has lapsed you can keep it by paying the enclosed invoice. Or, send it back to us within 14 days after you receive it, without any obligation.

76. Order your copy of the Practical Tax Loose Leaf NOW! Visit www.practicaltaxhandbook.co.za