Managing tax obligations can be stressful, especially with changing regulations and filing requirements. At Loock Consulting, we help individuals and businesses stay compliant while reducing unnecessary tax risks and penalties.

Our team provides reliable tax support tailored to your needs, ensuring your submissions are accurate, on time, and aligned with current SARS requirements.

Our Tax Services Include:

Income Tax

Income tax is payable based on income, and encompasses various earnings, including salaries, profits, bonuses, allowances, as well as gains derived from transactions, investments, or property sales.

Individuals pay income tax of varying rates based on specific rates varying based on income levels. The higher the income, the higher the tax bracket.

Small businesses pay income tax based on their profit. Also, in different brackets, the higher the profit, the higher the tax payable. Small businesses are eligible for income tax based on their profit, but they must meet certain criteria to qualify.

Companies and closed corporations pay income tax at the normal rate, currently 27%.

Trusts pay income tax at a flat rate of 45%. Special trusts are taxed on a sliding scale.

We assist individuals, small businesses, companies, and trusts with income tax registration, submissions, and compliance.

• Individual tax returns
• Small business tax
• Company income tax
• Trust tax returns
• Tax planning and advice

We help you understand your tax obligations and ensure everything is submitted correctly and efficiently.

Provisional Tax

This is a method of paying tax in advance to ensure the taxpayer does not have a large tax amount due on the date of assessment. Individuals earning an income and not paying PAYE will pay provisional tax. All entities will file provisional tax returns twice a year, and a third period, which is voluntary.

Avoid large tax bills and penalties by managing your provisional tax correctly.

We assist with:

• First and second provisional tax returns
• Voluntary third submissions
• Tax calculations and estimates
• SARS compliance support

VAT

Currently at a rate of 15%, this type of tax will be added to all supplies/services rendered. Therefore, sales of the entity, with certain exceptions. Entities must register for VAT should it become likely that income will exceed R1 million within any 12 -month period. Upon registration, SARS will assign a filing period to the company.

Purchases with VAT are allowed to be claimed against the VAT payable amount. Requirements apply.

VAT compliance is essential for growing businesses.

We assist with:

• VAT registrations
• VAT return submissions
• Input and output VAT calculations
• SARS queries and compliance

We ensure your VAT records are accurate, and your submissions are completed on time.

PAYE

Pay as you earn is a tax type paid by individuals earning a salary. Employers are required to deduct tax monthly from salaried employees and pay this over to SARS. An EMP201 return will be filed monthly. An EMP501 reconciliation return must be filed at the end of August and February every year. This summarises the EMP201s and employee salaries paid.

We help employers stay compliant with employee tax requirements by managing:

• Monthly EMP201 submissions
• PAYE calculations
• UIF and SDL compliance
• EMP501 reconciliations
• IRP5 certificates

Additional Tax Types

• Capital Gains Tax
• Donations Tax
• Diesel Rebates
• SARS queries and disputes
• Tax clearance assistance