Don’t worry, a lot of people do.
We chatted with our very own Johan and Roscoe Dekker who run the TTT tax team and asked them some questions on a topic most people dread.
If you’re under 30, or a complete tax newbie, this advice is for you.
If you’re over 50 and want to get better at tax, this advice is for you.
Get the Tea on Tax
(Btw, for our older readers, this means getting the scoop.)
Johan and Roscoe started TTT in 2012 and since then, this small business has grown in leaps and bounds. Running their own SME means they’re very aware of how crippling tax season can be if it’s not done right. The good news is that it can be done right. For anyone.
There are a lot of people who “start completely the wrong way” when it comes to taxes says Johan Dekker.
The team here at TTT sees this mistake all too often. People are so afraid of the taxman they avoid him. And when they do get to their return, it’s done in a slapdash way or they choose the automated option. This means they miss massive opportunities to get something back.
Is it worth your time?
Whether you’re an average Jane employee, an independent contractor, a retiree or an owner of a small business, there are ways to benefit from your return. You just need to know the rules. And as Johan says:
“We don’t make the rules, SARS does. We just work within them.”
Anyone – yes, even you – can benefit from how we work within the rules.
For example, someone Johan recently met wasn’t going to do their taxes because they didn’t meet the income threshold (having only worked in SA for 6 months). Also, they wanted to avoid the taxman if they could.
(You know the feeling, right?)
But as Johan pointed out to them, being below the threshold is even more reason to submit – you’re likely to get something back from SARS because of the circumstances.
Here’s the thing: most circumstances mean getting something back. You just need to know how. Here at TTT, we know how to find the loopholes. That word makes it sound so sneaky but our team is just great at finding technicalities that gift the “biggest surprises to our clients”, says Roscoe.
Getting those big surprises?
“It’s a party,” Managing Partner Roscoe Dekker says.
Let’s go back a bit. What even IS a tax number? And why do you need one?
“Dad, you must answer this,” says Roscoe.
Johan explains in easy-to-understand terms that anyone earning money needs to get a tax number. This is because some of what you get paid goes to taxes. If you’re an employee, your company pays this tax for you. But that doesn’t mean you can’t claim for several deductibles if you’re a permanent employee.
#winningattax is possible for tax-payers regardless of whether they’re self-employed or not.
“It can be confusing,” admits Roscoe. But don’t worry, we’re here to clear any confusion up.
What’s an IRP5?
It’s a document the taxman will want, a summary of the tax you’ve paid in the given timeframe.
If you run your own business or work independently, you’ll need to produce one for yourself and your employees. (Btw, TTT offers this payroll service too… https://ttt-tax.co.za/accounting/
What happens if I’m behind by a few years? Or a complete tax virgin?
“The right time is now. Get compliant immediately,” says Roscoe. Non-compliance means being held back – unnecessarily. Getting credit or applying for a bond, opening a business – these things and much more are out of your reach. Because of something easy to remedy.
This process is not scary. We promise.
Penalties don’t have to be a pain in the a**
Okay, so you’re officially tax compliant. Time to get tax-efficient.
Our team crafts a payment plan specific to your needs if you have penalties to pay for being late to the tax party. This plan is a deal we broker on your behalf and it stops interest in its tracks and SARS can’t just take penalty fees out of your account. (Yep, they can usually do that, but not if you’re on a payment plan).
Having said that, believe it or not, “SARS can be sympathetic,” Johan reminds us. TTT proves on your behalf that you have real reasons for not claiming and the hiding becomes much less impactful than you may be fearing.
A golden oldie
When we ask Johan for tax advice, he laughingly replies, “Oh, are we at the old ballies now?”.
This old ballie has wisdom to share. For example, did you know that if you earn commission that’s 50% and higher than your actual salary, you can claim on anything that helps get you that income? You’re probably thinking, “Okay, so my phone. And maybe my petrol.” Nope, think bigger. We’re talking DSTV (Bloomberg News keeps you up to date), water (people need to stay hydrated), your Woolies suit (unless your client is okay with nudity?) and that golf club membership (#networking) to name a few. Contact us for the full list of taxable expenses.
Johan points out that these deductibles are due to you but
“SARS isn’t going to phone you saying they owe you R10 000.”
Doing your return through us ensures that you get that amazing rebate you didn’t even know was yours.
Take the terrifying out of tax: https://ttt-tax.co.za/
P.S. Love how TTT is making tax a celebration and not a death march? Share this article.