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New insurance cover for SARS tax audits

 


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We're always on the lookout for our clients, so I am drawing your attention to a growing risk: the possibility of being audited by the South African Revenue Service (SARS).

You're probably thinking your accountant can take care of it if the need arises, and that your tax affairs are up to date anyway. The reality is that you needn't have done anything wrong to be selected for audit. Did you know that 1.8-million of South African's 20-million taxpayers were subjected to tax enquiries in one year?

The thing with SARS is that they are big. The service employs more accountants that any other organisation in South Africa. They are also powerful, because they have the law behind them. The Tax Administration Act means they work on a pay now, argue later basis. They're the guys with the big guns. The good news is, you can have big guns too.

Just representing yourself when SARS audits you can be a long, complicated and costly process. Your tax accountant cannot be expected to help you with this at no charge. If the matter escalates, you may need to call in lawyers and other specialists, too. That's expensive, in money and time.

This is where tax risk insurance comes in - it gives people like you and me access to help when you need it, and quickly. It's affordable, too: for example, a business with a R10-million annual turnover will spend R349 a month, and an individual with R2-million in taxable income will spend R210 a month.

Please make sure that you know what the terms, conditions and exclusions are by downloading the information brochure here. You can buy cover for your business and yourself now directly from our website. Click here www.cgbrokers.co.za.


Date Posted: 2017-06-12
Posted By: CARL GREAVES INSURANCE BROKERS (PTY) LTD
Listed under these Business Listing Categories: Financial services, Business services & consultants,

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