HD Accountants
Accountants and tax consultants
021 785 3306
How to register for Income tax
In order for you to register for tax you need to follow the following steps
- Fill in a IT77 form - obtain this from the SARS website. Or download it here
- Then you need to submit this form to SARS in person
- with a certified copy of your ID document,
- letter from the bank to confirm your bank account,
- and proof of residence, which would normally be a original municipal account, or a certified copy of your lease agreement.
Most new companies registered at the Companies Commission (CIPC) get issued with a Company Tax number automatically, and this number is normally emailed to you.
Unfortunately this is one tax you need to register yourself, as SARS normally wants to do a verification on you.
What returns need to be submitted for Company Income Tax?
Company income tax return (IT14) - This return is due one year after the company’s financial year end, so of your year end is 28 February 2021, the Company Income Tax return (IT14) would be due at SARS on 28 February 2022, these returns are normally filed via e filing, so it is essential to register for e filing in order to file returns.
Provisional Tax Return (IRP6) - these returns are used to make an estimate about your taxable income for a specific year, and then tax are paid over provisionally to SARS based on the estimated income. SARS tend to penalize companies severely if these calculations are wrong, so care must be taken with these returns. These returns are due in August and February if the company’s year end is February. Provisional Tax returns are filed via e filing.