Navigating the complexities of tax regulations can be daunting, but with Loock Consulting, you can have peace of mind. Our team of tax experts stays up to date with the latest tax laws and regulations, ensuring your compliance and minimizing your tax liabilities. We offer a comprehensive range of tax services, including corporate tax, personal tax, VAT, and more.

Income Tax

Income tax is payable based on income, encompasses various earnings including salaries, profits, bonuses, allowances as well as gains derived from transactions, investments, or property sales.

Individuals pay income tax of varying rates based on specific rates varying based on income levels. The higher the income, the higher the tax bracket.

Small businesses pay income tax based on their profit. Also in different brackets, the higher the profit, the higher the tax payable. Small businesses are eligible for income tax based on their profit, but they must meet certain criteria to qualify.

Companies and closed corporations pay income tax at the normal rate, currently 27%.

Trusts pay income tax at a flat rate of 45%. Special trusts are taxed on a sliding scale.

Provisional Tax

This is a method of paying tax in advance to ensure the taxpayer does not have a large tax amount due on date of assessment. Individuals earning an income and not paying PAYE will pay provisional tax. All entities will file provisional tax returns twice a year and a third period which is voluntary.

VAT

Currently at a rate of 15%, this type of tax will be added to all supplies/services rendered. Therefore, sales of the entity, with certain exceptions. Entities must register for VAT should it become likely that income will exceed R1 million within any 12 -month period. Upon registration, SARS will assign a filing period to the company.
Purchases with VAT are allowed to be claimed against the VAT payable amount. Requirements apply.

PAYE

Pay as you earn is a tax type paid by individuals earning a salary. Employers are required to deduct tax monthly from salaried employees and pay this over to SARS. An EMP201 return will be filed monthly. An EMP501 reconciliation return must be filed at the end of August and February every year. This summarises the EMP201s and employee salaries paid.

Other tax types

We can also assist with other tax types – Donations tax, diesel rebates, capital gains tax and more. Contact us today for a full range of services in taxes.