Company tax return preparation and catch-up
A company income tax return (ITR14) is not just a copy of the annual financial statements. It requires reconciling the accounts to the return fields, preparing the supporting schedules, confirming director authority and reviewing historical compliance. This page explains that workflow - and an important distinction: a SARS company income tax return is not the same as a CIPC annual return.
A SARS company income tax return is not a CIPC annual return
Companies file two separate annual returns that are often confused. The ITR14 is the income tax return filed with SARS, based on taxable income. The CIPC annual return is a companies-register filing with the Companies and Intellectual Property Commission, based on company registration details. Filing one does not satisfy the other - and a CIPC annual return does not replace the obligation to file income tax returns with SARS.
Four steps before a company return is submitted
Each step protects accuracy and keeps the return aligned with any debt or dispute the filing history has already created. Skipping the reconciliation is the most common reason a company return is queried.
Reconcile accounts to the return
Match the annual financial statements and trial balance to the fields on the company income tax return (ITR14). Figures that do not reconcile are the most common reason a company return is queried or rejected.
Prepare supporting schedules
Assemble the supporting schedules the return depends on - depreciation, capital allowances, assessed losses carried forward, and reconciling items between accounting profit and taxable income.
Confirm director authority
Establish that the person instructing the work is authorised to do so on behalf of the company, and that the correct representative relationship is in place before any return is submitted under our name.
Review historical compliance
Check which years are filed, which are outstanding, and whether SARS has already raised estimated assessments for missing periods. A catch-up may overlap with a dispute of those estimates.
Records a company return depends on
These records are gathered only after a written scope is agreed - not with the initial enquiry, and never passwords, OTPs or tax numbers.
Core records
- Annual financial statements (income statement, balance sheet, notes) for each year to be filed.
- Trial balance and general ledger, or the accounting records the statements were built from.
- Depreciation and capital allowances schedules, including assets additions and disposals.
- Assessed loss carry-forward figures from prior filed returns.
- VAT201 and EMP201 reconciliations where they affect the taxable income calculation.
When records are incomplete
- Where financial statements were never prepared for a year, they may need to be reconstructed from ledgers and bank records before a return can be filed.
- Prior assessed losses must be verified against SARS records, not assumed from internal books.
- Missing asset registers affect capital allowances and can change the taxable income materially.
- A gap in records does not prevent filing, but it increases the scope and is reflected in the written quotation.
What company return work is - and is not
What company return work involves
- Reconciling annual financial statements to the ITR14 fields before any return is filed.
- Preparing the supporting schedules that underpin the taxable income calculation.
- Confirming director or authorised representative authority before submission.
- Reviewing historical compliance to identify outstanding years and any estimated assessments.
What this is not
- A CIPC annual return. Company income tax returns filed with SARS are separate from CIPC annual returns filed with the Companies Commission.
- A statutory financial-statement audit. This is tax return preparation, not an audit opinion.
- A guarantee that filing removes resulting debt, penalties or estimated assessments.
- Bookkeeping or general accounting. The records must already exist, or be reconstructed, before the return can be prepared.
Questions about company tax returns
Which records does a company need?
The core records are the annual financial statements, the trial balance and general ledger, depreciation and capital allowances schedules, assessed loss carry-forward figures, and VAT201 and EMP201 reconciliations where they affect taxable income. The return is only as accurate as the records and schedules behind it - which is why reconciliation comes before filing, not after.
Can you help with older company returns?
Yes. Multi-year company catch-up is part of this work - see help with outstanding SARS tax returns. The first step is confirming which years are outstanding and whether SARS has already raised estimated assessments for them. Where estimates exist, the catch-up may need to run alongside a correction or objection. The assessment maps the full picture before any return is prepared.
Is this the same as a CIPC annual return?
No. A CIPC annual return is a companies-register filing with the Companies and Intellectual Property Commission, based on company registration details. The company income tax return (ITR14) is filed with SARS and based on taxable income. They are separate obligations to separate authorities - filing one does not satisfy the other, and a CIPC annual return does not replace the duty to file income tax returns with SARS.
Map your company returns and what they have caused
A confidential assessment identifies which company years are outstanding, which records are available, and whether debt, penalties or estimated assessments need addressing alongside the filing. No documents or passwords are required to begin.