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Tax Health Check for returning South Africa |
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Tax – Tax Health Check
What tax implications will your move back to South Africa have, and what formalities need to be done to ensure that you comply with both Revenue Services and not attract unnecessary taxes and fines?
A lot has changed in South Africa. The South African Revenue Service was completely transformed in 2000. South Africa changed to a residence based taxation system, which means residents are – subject to certain exclusions- taxed on their worldwide income, irrespective of where the income is earned.
In case you decide to leave capital in the United Kingdom for example, you will have to declare this income in South Africa and in the United Kingdom. To avoid that you pay tax twice, the Tax Health Check will give you all information on your new situation and walk you step by step through the process what needs to be done in both countries to be compliant with the tax law in the UK, the tax law in South Africa, and the double tax agreement between the two countries.
The Tax Health Check also gives you information on:
- existing investments and tax changes
- inheritance tax and capital gains tax situation
- exchange control in South Africa and how it might affect you
- offshore benefits
- background information on the current tax system in South Africa
- National Insurance, can you keep contributing and will it make sense for you?
- Opportunities and Threats
- Registration for tax in South Africa
- All paperwork that needs to be done to get you a “non tax status” in the UK
The Tax Health Check for Home comers works in 3 steps:
Phase 1
We will send you a fact finding questionnaire. Your answers to our questions will give us an overview over your tax situation.
Phase 2
We create a report tailored to your personal situation which will provide you with all necessary information to establish and understand your new tax situation
Phase 3
All necessary documents will be posted to the different revenue Services and other authorities to establish your new tax status correctly
Please use the below link to enquire about the Tax health Check
Howzit – send me some info on the Tax Health check
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