A beginner’s guide to filing your taxes

So, while you probably haven’t spent much time dreaming about the perfect IRP5, it’s not too late to get up to speed before the big day arrives.

Here’s what you should do to prepare:

1. Register as a taxpayer
   Firstly, if you’re earning an income, you need to register with the South African Revenue Service (SARS), even if you think you’re not earning enough to pay tax yet. You can register online or in-person at your local SARS branch. In some cases, your employer may register on your behalf.


2. Know what you’re paying for
   Once you’re registered, you don’t necessarily have to submit a return, depending on certain criteria. If you do have to submit a return, you will either submit an IRP5 provided by your employer or register as a provisional taxpayer if you are self-employed or a freelancer.
   
   If you register as a provisional taxpayer, you agree to pay an upfront amount of tax at the beginning of the tax year to avoid a large lump sum payment on assessment.


3. Get your docs in a row
   Even if your IRP5 is generated by your employer, you may still need to make additional declarations for certain forms of income and expenses. Medical aid, income from savings and investments, and charitable donations will all need to be declared and, in some cases, may even make you eligible for a rebate.
   
   The exact amounts will be recorded on a tax certificate provided by the respective institutions, so make sure you have these at the ready when you start filing your return.


4. Don’t wait until the last minute
   While it can be tempting to delay, it’s better to try to file your tax return as early in the tax season as possible. You will most likely be notified as soon as a new tax season begins, and the sooner you file your return, the better chance you have of avoiding the rush to file when the filing period closes.


5. Try a smart solution
   The SARS eFiling portal is a good place to start when it comes to getting a general understanding of your tax return, and it’s a good option to use to file your return once you know what you’re doing.
   
   However, for step-by-step guidance when filing a return, you should consider using an online service such as TaxTim to ensure your first return is filed correctly. It is affordable and easy to use and may even end up saving you money in the long run.
   
   Did you know? As a UCount Rewards member, you can get 25% discount on TaxTim services
    

   Tell me more

   By following these tax tips, you'll be well-prepared to navigate the process of filing your tax returns with SARS, ensuring a smooth and efficient experience.

_{*Terms and conditions apply.}

_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}