Individual Tax Solutions
Welcome to the My Tax Life website! Our sole focus is to provide you as the taxpayer and small business owner, peace of mind that your tax affairs are well looked after and that you are fully tax compliant by submitting your tax returns according to SARS’s legal requirements. We strive to manage our engagement with you as informal as possible, yet we also aim to be professional and effective and efficient through providing a reliable and ethical service.
We have been involved in accounting and taxation since 2001. We started with only a few individuals who needed assistance with the submission of their yearly tax returns. Most people find admin and filing (especially of taxation) boring and tedious, and thus we saw the opportunity to deliver a unique service to the ordinary taxpayer, ensuring that the taxpayer can confidently engage SARS on their tax affairs.
There are several accounting firms, auditors and bookkeepers that specialise in complicated tax affairs, that do exceptional work in their respectable fields, yet there seemed to be a need for the average salaried employer, the graduate who has just entered the workplace, the sole proprietor, the independent contractor and the elderly, who often has little access to or knowledge of complicated internet-based programmes, to be assisted with yearly tax submissions. It also became increasingly apparent that there is a demand for a more personalised interaction with a tax preparer to assist with the whole tax life of an individual, ranging from registration as a taxpayer, managing tax liability from diverse investment options to submissions of yearly tax returns. Ensuring tax compliancy is maintained with a high level of ethical values, reliability and responsibility.
We also offer several other value added services at well below market prices, such as wills and testaments (estate planning), company registrations and management support to small businesses (sole proprietors and independent contractors).
Yes. We will be able to submit all outstanding returns based on the supporting evidence you can gather. It is important to remain tax compliant for your entire tax-life, as tax clearances are often required for employment applications, buying property, etc.
We are not a FSP, and can therefore only share our own experience with regards to these investment options. We do however have access to several experts in this field, and we will gladly share this knowledge with you, especially with regards to investing in these avenues via external on-line platforms.
Yes we do. Our support ranges from assistance with planning, managing, organising & record keeping, bookkeeping and annual tax submissions (including provisional tax). Our primary function is guidance with regards to Home-Office Expenses and the management thereof for the most efficient implication for tax purposes.
As a Small Businesses operator ourselves, we give guidance on accurate record keeping, which forms the basis of any successful administrative system which ensures painless tax submissions. Most small business owners, especially those who are Sole Proprietors running a small business venture from home, do not always know how to declare income and expenses to SARS. Here we provide them with examples of other small business owners’ methodology so that reflecting income and expenses for tax purposes becomes understandable and easily manageable.
You will not need to submit a tax return if you received remuneration from only one employer, which did not exceed R350000, and that remuneration did not include a car allowance or a company car fringe benefit. But, even if you earn less than R350000 a year, you will need to submit a tax return if you need to claim travel expenses against a car allowance or if you have medical expenses not recovered from a medical scheme or retirement annuity contributions that you need to claim as a deduction against your income.
If your question is not reflected above, please feel free to send us an email for a personal response.
The following are links to articles that we found insightful to read
Tax season 2020
NEW –
https://www.sars.gov.za/TaxTypes/PIT/Tax-Season/Pages/default.aspx
https://www.sars.gov.za/Pages/default.aspx
Tax and Retirement – one of our pet projects!
https://www.sars.gov.za/ClientSegments/Individuals/Tax-Stages/Pages/Tax-and-Retirement.aspx
Investment ideas
https://www.moneyweb.co.za/financial-advisor-views/making-sense-of-tax-free-savings-accounts/
https://city-press.news24.com/Personal-Finance/invest-in-unit-trusts-or-etfs-20190215
https://reachingaspiration.com/mortgage-hacking/
https://reachingaspiration.com/property-personal-tax-endowment-or-pty/