To be in SARS Tax debt is a nightmare for any person. In a lot of cases is not done deliberately but a temporary cash flow problem. You only need one big debtor not to pay its account on time, and you sit with unpayable tax bill.
Luckily there are a few options to handle this SARS debt to make sure the South African Revenue Services do not knock on your door for money.
Repayment applications will be handled as follow:
1. You can apply for a repayment plan at SARS. SARS generally approve a 3 - 6 months repayment plan without too much trouble.
In your motivation letter you would need to advise SARS the reasons for your temporary cash flow problem etc.
In this application your SARS Tax debt cannot be more than R 50,000.
Please contact us
here to assist you if your tax debt is less than R 50,000
2. In the instance that the SARS Tax debt is more than R 50,000 you need to compile the following list of documentation and information.
- Last 6 months bank statements.
- Financial statements for the latest complete financial year.
- Management statements up to latest month completed.
- Cash flow forecast for the following 12 months.
- Motivation letter for the repayment plan application
- The necessary application forms.
Feel free to contact us
for assistance with the application.
We are currently members of the Institute of Accounting & Commerce (The principle director JN Basson are registered with practice number AO652993) & South African Institute of Tax Practitioners.
Please complete the enquiry form below and one of our tax and accounting consultants we will get in touch with you.