Budget 2015: Live panel
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SA Tax Return.
What does the abolishment of the SA Tax Return mean for Accountants? What exactly is it being replaced with?
Re-Abolishment of SA Return.
@Jamesm2705- Good question. I would love to know how exactly the new system will work.
absolutely
no change at all as our clients won't have a clue. This is a sidetracking non-event typical of the IT obsessed world we live in. If it ain't broke etc. If you were inventing a system for assessing how people are taxed then the idea of an annual submission when ALL information is known and final is rather a good one.Another example of internally generated job creation scheme for the bureaucrats.
I hope so.
According to the limited information I have been able to find online, small business owners are able to submit info at anytime of the year and pay the Tax due accordingly. Sounds like chaos. Also, apparently businesses are able to upload directly from their accounting software by 2020. The majority of my clients keep manual accounts. They really have thought this through haven't they.
It all points towards their wanting of information monthly, there may not be an annual tax return, instead are they going to consider digital information monthly, that would fall into line with RTI and Universal credit.
There maybe a need for more accountants, but how on earth would individuals afford an accountants fee every month?