• Real time control and visibility over your financial position, ­you can view, update and manage your records, accounts and tax affairs, at any time, as and when you want, all year round. This all adds up to much greater control, flexibility and visibility than with a traditional accountant relationship.
• Our systems mean we can offer automated reminders and guaranteed turnaround times for accounts and tax returns - in short, peace of mind and excellent customer service - never miss a payment or filing deadline.
• Makes other financial transactions easier - such as applying for mortgages - as your finances are already up to date at any point in time.
• We´re paper free, so it´s an easy way of "doing your bit".

The below services is offered by Positive Trends Financial Services

You as an Individual Tax client of Positive Trends Financial Services can register for any of the following offerings:

Compile annual Tax return and submit to SARS.

When do I need to submit a return?

If you are registered for income tax, you will be required to submit an annual income tax return to SARS. The year of assessment (commonly referred to as a “tax year”) runs from 1 March to 28 February in the next year. Every year, SARS announces its Tax Season, a period during which you are required to submit your annual income tax return. The tax season for the 2014 tax year opens on 1 July 2014.

• Their remuneration is from a single employer;
• Their remuneration is for a full year of assessment (1 March – 28/29 February);
• No allowance was paid, from which employees’ tax was not fully deducted;
• No further deductions need to be claimed or income declared.

When should Provisional Tax be submitted?

• The first provisional tax submission and payment must be made within six months of the start of the year of assessment for 28 February or six months after the approved financial year end date .
• The second submission and payment must be made no later than the last working day of the year of assessment ending 28 February.
• The third submission and payment is voluntary and may be made –
  • within seven months of the year of assessment, where the year of assessment ends in February, which is 30 September and
  • within six months of the year of assessment, in any other case.

Cost:

"Our dedicated tax advisors will guide you through the complicated tax environment. We will help you develop a comprehensive tax plan that will reduce your tax burden while still ensuring that you comply with all statutory and legislative requirements"

Positive Trends

"Our dedicated tax advisors will guide you through the complicated tax environment. We will help you develop a comprehensive tax plan that will reduce your tax burden while still ensuring that you comply with all statutory and legislative requirements"

Positive Trends

The new South African Companies Act, 2008, which became effective on 1 May 2011, regulates companies on a differential basis. Larger companies, when measured by size, ownership structure and nature of activities, are subject to more stringent regulatory requirements than smaller companies. They are subject to mandatory annual audits, enhanced disclosure in financial statements, the appointment of company secretaries, auditor rotation, enhanced auditor independence, appointment of mandatory social and ethics committees, legal backing for the International Financial Reporting Standards (IFRS), plus a host of other specifications. Requirements for medium-sized companies include mandatory independent reviews, enhanced independent reviewer independence and legal backing for the International Financial Reporting Standards for Small and Medium Entities (IFRS for SME). Smaller companies are exempt from independent reviews but not the audit. They are required to prepare financial statements that are fairly presented.

All companies are subject to the same basic governance requirements. For example, they all have to keep accurate and complete accounting records in a manner that will ensure compliance with the Act, they have an obligation to protect their accounting records from falsification, and are required to prepare financial statements. It is an offence to prepare financial statements that are misleading or incomplete or not fairly presented. Any person who is party to the falsification of accounting records or of the presentation of misleading or incomplete financial statements, is guilty of an offence. If this misconduct is material the offence becomes a criminal offence.

An independent review is a limited assurance report that is a mandatory requirement for non-ownermanaged companies of a certain size. The size of a company refers to the public interest score attained by that particular company. This score is calculated by allocating one point to each of the following: average number of employees, number of shareholders, each million Rand of turnover, and each million Rand of debt. According to the Companies Regulations, 2011 an independent review is classified as a review engagement in terms of the International Standard on Review Engagements, ISRE 2400.

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As individual you need to navigate your way through everyday life with all its chalanges. You need to find the balance between family, work, health and finances. After all of that you are still left with Taxes.

As Benjamin Franklin said "In this world nothing can be said to be certain, except death and taxes"

Every individual has a responsibility to ensure that all applicable tax returns are submitted timeously to the South African Revenue Services (SARS) and paid where necessary. Continually changing tax legislation places a huge administrative burden upon a taxpayer which can only adequately be taken care of by professional tax practitioners who deal with SARS regularly.

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