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Are you making these five tax mistakes?

Are you committing
Financial Su***de

Before you do another thing, read this special report to see if you’re one of several companies making these five tax mistakes...

Dear MoneyMorning Reader,

I know you're always looking for ways to save your company thousands when it comes to tax, and without the right tools available this could be quite difficult.

When I was chatting to my colleague from FSP Business, Natalie, about how she’s helped her clients save thousands, and stay under the SARS radar, I thought this was something I had to share with you.

Kind regards,

Warren Jeffery
Head of Trading and Research, FSP Invest

--------------------------------------------------------------------------------

Dear reader,

Do you...

Structure your salary to pay less tax?
Claim tax deductions on your expenses?
Rely on your accountant or tax consultant to do your taxes?
Charge Vat?
Pay tax provisionally?

If so, then you’re just another one of several companies that could be committing financial su***de.

I’m sure you’re wondering why I say this. If you give me a few minutes, I’ll explain.

First, I must stress that your salary structuring practices are acting like a homing beacon for SARS auditors...

You’re missing the lesser-known deductions available to you...

Your accountant or tax consultant could end up costing you R1.2 million...

Your Vat returns are constricting your cash flow...

And your provisional tax payments have just declared hunting season open and you’re the game.

But, today that’s all going to change.

Today you’re going to uncover all the details of how to avoid these suicidal tax mistakes. In fact, you’ll never make a tax mistake again (no matter how minor or major). And as a bonus, you’ll pay less tax.

Let’s start with this...

How to make yourself invisible to SARS

Did you know that SARS plans to conduct more than 72,926 audits this year? It’s added hundreds of new collectors to its payroll and each one has his own collection targets to meet. All of which means two things:

Your chances of an audit this year has just doubled, and
So has your chances of paying more tax.

Unless you know...

The 6 reasons SARS will launch an audit against you... and what you can do to avoid the unnecessary attention (A03: 003 – 004)
The simple step to take to guarantee that none of your transactions look like a sham to SARS (A03: 009)
Why the number “3” is the most important number in your assessments (A03: 008)
The letter you must ask to see BEFORE any audit starts... without it you can refuse to comply (A03: 006)
What you’re entitled to know about your audit (A03: 005)

Knowing these details gives you the power to reduce your risk of an audit. And when you do face an audit, improving the outcomes.

Still... knowing your rights – and insisting that SARS honours them – is only the first battle to win. To take control of your tax responsibilities and pay less tax, you must not make the five suicidal tax mistakes.

How to pay R23 963.20 less tax on your travel allowance

The obvious first step is to keep an accurate logbook.

“But SARS doesn’t mind you knowing you must keep a log book!” you say. “SARS itself is constantly hammering on about the need to keep a log book.”

True enough.

But what SARS doesn’t want you to know is how you can save R23 963.20 just by doing so.

So, let’s use an example to show you how to make this saving...

Vincent, a commission earner, can claim his car expenses as a deduction from business income.

The cost price of the car was R300 000.

Total expenses for the year were:

Fuel and oil = R9 554
Insurance = R9 780
Maintenance = R3 564
Licence = R120
Lease payments = R90 000

Total = 113 018

But Vincent can’t deduct the total cost incurred. He must first consider how much he used his car for private travel and then make an adjustment accordingly.

Because he doesn’t have exact figures, he must make this adjustment in two ways...

If he didn’t keep an accurate log book, his private use of the car would include the first 18 000kms (limited to 32 000km) for the year.
So, his deduction is limited to:

Total expenses = R113 018
Deemed business use of the car = R113 018/32 000km x 14 000km
Allowable deduction = R49 445.38

If Vincent kept an accurate log book, he’d know from a summary of the information he’d diligently recorded that...

Private km = 10 983km
Business km = 20 276km
Total distance = 31 259 km

In this case, his allowable deduction would be:

Total expenses = R113 018
Deemed business use of the car = R113 018/31 259km x 20 276km
Allowable deduction = R73 308.58

That means that an ACCURATE LOGBOOK would increase Vincent’s tax deduction by R23 863.20!

With SARS hungry to increase its collection revenue, it doesn’t want you to know how to pay LESS tax like this. So today I’d like to give you the opportunity to put this team to the test for 14 days.

I’ll explain in a minute... but first, here are a few more secrets you can use to pay less tax, guarantee your compliance and generally just make your job (and life) easier...

How to structure your salary to save R1,000s
(Yes, you can still save on tax this way)

Let’s say your company pays you a gross monthly salary of R10 000 with medical contributions of R1 500. Then the medical aid company increases its premium to R2 000.

Under the usual system of structuring salaries, you would make a salary sacrifice of R500. AND you’d need to comply with all the legal requirements to make that sacrifice as well. Then you can only claim your tax-free portion back in the month you make your contribution...

The Practical Tax team has a better way to do this – one that doesn’t involve sacrifice and extra work.

In fact, the salary structuring solutions that my team and I have uncovered allow you more leeway to structure salaries in the future without affecting your gross salary now.

These include...

The 11 deductions salary earners can still claim (D06: 003)
The three non-negotiable requirements your employment contracts must meet to minimise your tax (E01: 003 - 005)
The most common mistake taxpayers make when calculating their pension fund deductions... and what you must to do to avoid it (I01: 005)
Five tax safeguards to include in your employment contracts (E01: 010 – 011)

The solutions also allow you to know the exact cost to company of all your employees, so making management decisions will be easier... especially when review time comes around again.

Other secrets you’ll uncover with the Practical Tax Loose Leaf Service

If SARS asks you to sign this document... STOP! Put down that pen. You have the right to refuse (C08: 010)
What R5,000 can do to boost your annual deductions – and how to maximise its effect (D01: 008)
The ONLY way you’ll NEVER pay donations tax (D03: 002)
Use your company car in these three ways and you WON’T pay tax (T09: 007)
The 27 capital allowances for your business (ID: 004 – 005)

Today, I’ve only shown you a few of the 139 reasons why SARS doesn’t want you to see this. Space is limited. Your time is precious. So, instead of going into more detail here, I want to give you the opportunity to uncover for yourself ALL the tax-minimising, compliance-maximising strategies we’ve uncovered. So, I’d like to send you the Practical Tax Loose Leaf for a free 14-day review.

Remember, three independent consultants check all the tips, tools, strategies and checklists you’ll discover in the Practical Tax Loose Leaf.

That means everything you’ll find in this loose leaf is 100% legal.

Every word of the practical advice the team writes in simple English (you won’t find a word of jargon)...

Every step-by-step instruction...

Every checklist...

Every sample and formula...

Every case study and example...

And it covers the whole business tax spectrum. Audit regulations. Capital Gains Tax. Capital Reconciliation. Company Allowances. Company cars and travel allowances. Section 23(m) deductions. Depreciation. Directors of companies and members of CCs. Dividends. Donations tax. Employment contracts. Fringe benefits. Exempt income. Gross income. Individual allowances, deductions and fringe benefits. Record keeping. SDL and UIF levies. SMMEs and small business corporations. Medical expenses. Provisional tax. Salary structuring. IRP5s, IT3(a), ITReg.

You name it.

You can use it all for two weeks to pay less tax, save money on expensive tax consulting firms and lawyers, AND slash your admin burden...

Then, after your free 14-day review, you have a choice to make...

You can decide that you prefer paying SARS more than you should. That you enjoy working late. That you’re happy to put a bright red “I’m here” beacon on your business so SARS can find you. If that’s the case, then return the Practical Tax Loose Leaf to me with the invoice and that will be that.

But, if you recognise the power crammed between the covers of the loose leaf, simply pay the invoice for R860.70 (including Vat) and then take full advantage of the complete Practical Tax Loose Leaf Service.

This includes...

Regular updates for your loose leaf: Every six weeks, my team and I send you NEW tips, strategies and secrets (SARS doesn’t want you to see these either). And they update any of their solutions that have become outdated because of law changes (each update costs only R1.97 per page).
The tax helpdesk: If you have any tax questions, email the Practical Tax team at [email protected]. As soon as your question arrives, my team will find you an answer. Free of charge. But this is only available to all paid-up subscribers.
Unlimited permission to copy all sample forms and contracts you get in the loose leaf and updates, as long as you’ve paid your invoice.
Valuable weekly tax e-letter answering pertinent questions and covering key changes in the tax world.
Online access to past updates.

Get your copy of the Practical Tax Loose Leaf for review right now. With everything it can do for your business... it’s the last thing SARS wants you to see.

Yours sincerely,

Andre Van Staden (BProc LLM (Tax Law) Adv Cert. Tax H. Dip International Tax MTP (SA))
Editor in chief, The Practical Tax Loose Leaf Service
Fleet Street Publications

P.S. Grab your 14-day review copy of the Practical Tax Loose Leaf before the 25th and we’ll send you a free copy of two of the team’s best creations yet:

How to Survive a SARS Audit contains...
22 checklists to assess your risk
Details of the 13 items SARS will check
4 expenses SARS will target
11 questions SARS will ask you
What to do when SARS issues an assessment

Take on SARS and Win! covers...
The benefits of Appropriate Dispute Resolution (ADR)
How to object to an assessment by SARS
What to do if your objection gets disallowed
When SARS may/may not settle your dispute
The regulation of ADR

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