The February financial year-end is in sight and natural persons registered for provisional tax and all companies whose year-end falls in February 2019, must pay the Second Provisional Tax by no later than 28th of February 2019.
This means that a provisional taxpayer must submit an estimate of their total taxable income which will be made in the 2019 year of assessment.
It is important for taxpayers to ensure that they meet the necessary deadlines to avoid interest and penalties. Here are some of the consequences of late or the underpayment of provisional tax:
Late payment of provisional tax
Underpayment of provisional tax
CGT: It is also necessary for a provisional taxpayer to include in their estimated taxable income capital gains that arose or will arise during the year of assessment.
All provisional taxpayers are urged to submit their tax returns correctly and on time. Should you need assistance when submitting your provisional tax returns, please feel free to contact us.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)