There may come a time when, for whatever reason you need to look at changing your tax practitioner and while the idea of moving across to someone new may seem daunting, it is in fact a relatively simple process.
There is not a one-size-fits-all approach, and some time and consideration does need to be taken in finding the right fit for your company and/or personal taxes. “Do not go with the first option that comes across your table – look out for reviews and recommendations where possible and do some research,” advises Zulfah Mullins, tax compliance officer at specialist tax and auditing firm, Hobbs Sinclair Inc.
It is advisable to meet with a few potential, new tax practitioners to ensure they are suitable for the kind of services you require and to get comparative fees and quotes. Establishing a tax practitioner’s status with SARS is also very important and better yet if they are registered with a recognised controlling body, such as the South African Institute of Tax Professionals (SAIT) adds Mullins.
Now comes the easy part…
One, once you have decided on your new tax practitioner you will need to notify your current accountant with sufficient time to round up any projects/assessments/returns. “It is quite common for people to leave their existing tax practitioner without settling outstanding invoices or fees for work completed or still in progress,” says Mullins.
Two, when signing with a new tax practitioner, be honest with the current state of your tax affairs and communicate clearly and three, be prepared to provide your tax practitioner with any information and documents they require to best assist you with your compliance obligations.
Individual taxpayers
Copy of your ID
Your latest tax statement of account
A summary of the current state of your tax affairs if you are currently non-compliant
Companies
CIPC CoR14.30
Latest statement of account for all tax types for which the company is registered
Last signed annual financial statements
Details of the SARS registered representative
Trusts
Letter of authority
Trust deed
Copies of resolutions of amendments to the trust deed
Last signed annual financial statement
Latest statement of account for all tax types for which the company is registered
With SARS’s enquiries and audits becoming more common place; this presents much room for error (and wasted time) for you, the laymen trying to demystify tax laws which could lead to penalties and further investigations into your affairs.
Having a professional to navigate policy and procedure, who stays up to date with tax regulations, ensures compliance, and offers a high level of service, skills and practicality in meeting your tax obligations will ultimately save you time and money.
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