Have you received a Supplementary Declaration IT14SD form? Do you know how to complete it correctly? If you’ve opened the form you’ll see it’s quite tricky.
SARS is doing everything in its power to boost tax compliance by asking you to verify and reconcile your various declarations made to SARS.
At the moment you only have to complete your IT14SD form once SARS asks for it. And you only have 21 days to submit it, which isn’t a lot of time.
Especially if you have to analyse and compile all your financial statements. It’s been over a year since SARS introduced the IT14SD.
And there’re still a lot of people filling out the form incorrectly and its being rejected by SARS. This isn’t the only challenge you could face.
Let’s look at some of the others.
Three more challenges you could face:
There’s no one available at SARS to help you
SARS sends out system-generated notices, which could reach you during holiday periods and there’s no one at SARS to contact if you have any queries. This’ll lead to you missing the 21 day deadline;
The reconciliation process isn’t easy or quick
If your form doesn’t reach SARS in time, or there’re errors on it SARS could disallow some of your claims against income tax; and
You don’t have the resources to allocate to completing the form
Small businesses don’t have the resources to allocate to this process and larger companies have more complex financials to reconcile. So you might be forced to appoint external consulting firms, which could cost you thousands.
This could easily happen to you! And as a business owner, I’m sure you can’t afford to go through the same challenges. But I have an easy solution for you...
How to successfully complete your IT14SD form e-book will not only help you understand the following sections of the form but give you the step-by-step process for each section taking the headaches and stress out of completing the form.
In How to successfully complete your IT14SD form e-book will show you how to easily reconcile your:
Don’t delay. Get your copy of How to successfully complete your IT14SD form e-book today for just R497!
Managing Editor: IT14SD e-book
P.s. SARS has confirmed that it’ll be compulsory for all companies to complete their IT14SD forms very soon. So why not get your copy of How to successfully complete you IT14SD form now and start preparing in advance so you’re not caught off guard.