Tax risk insurance is simply the most effective protection for you and your business if you are ever selected for an audit by SARS. When you are covered by a tax risk insurance policy, your tax audit problem becomes ours, immediately. Critically for you, the cost of employing top tax specialists to defend your case is covered by us from the word go!
Tax audits are part of the SARS mandate, to ensure compliance and to maximise tax collections. SARS reported that it exceeded its audit coverage targets, conducting more than 1,8 million tax audits. This is the unnerving reality – SARS is now auditing more taxpayers more often – and statistically, you could be next!
Even if you believe, like most people, that your taxes are up to date and accurate, SARS can still select you for an audit. Some audits are completely random. In other cases, SARS may put a case forward that you’ve underpaid your taxes, or a human error may have been discovered. The reality is that even if you employ the best accountants in the world, you may still get selected for audit.
The fact is, any SARS audit is ALWAYS best handled by qualified experts in their field. This is most definitely not the time for DIY!