WinTaxCo provides for an unlimited number of companies and their assessments to be saved, recalled, edited, printed etc. WinTaxCo offers unique and invaluable features such as Ratios, annual Trends, IT34 Recons, Prov tax payments and records etc.
NOTE: We know that accountants dislike entering duplicate data into different programs so we have made it easy for you. You don’t have to enter all a company’s details to be able to use the annual Trends, company Ratios and any of the other useful features in WinTaxCo. You only need to enter a company name and the type of company (category for taxation) plus a few amounts on the Tax Computation company tax screens to be able to access the invaluable company trends and ratios report options in WinTaxCo. Most small businesses require no more than about a dozen numbers to be entered on the Tax Computation screens so the argument regarding entering reams of duplicate data into different programs is not valid with WinTaxCo. The big rewards are well worth the small effort.
The Company details screen does provide for all the info required on the ITR14 and this screen can be used as a full contact record for each company ie postal & physical addresses, phones numbers, tax numbers etc. Having said that, you only have to enter a company name, and type of company for tax, on this screen in order to access all the other features such as the Tax Computation, yearly Trends, Ratio’s etc. Some of the company details may change from one tax year to the next such as director’s name, premises address (even a cc may change to a PTY Ltd) and WinTaxCo provides for that. All the company data on this Company (Current) Master Details screen may be carried forward to Company Details screens for different tax years simply by clicking on an Import button so you don’t have to re-type anything next year. You can change any of a particular company’s details for a particular tax year and leave that Company’s Current Details unchanged.
WinTaxCo is sold, on special, catering for the 2012, 2013 and the 2014 tax years for the cost of WinTaxCo for a single tax year. That is three tax-years for the price of one. The next WinTaxCo renewal fee you will need to buy is the 2015 tax year features and options to your WinTaxCo program. The Trends option will then be extended to include columns for 4 tax-years – from 2012 through to 2015.
The Banking details TAB on the Company details screen lets you tell WinTaxCo how this company is to be taxed in the Tax Computation (just like this info the ITR14 tells SARS how to tax this company) and those are the bare essentials you need to do to get going in WinTaxCo – only a company name needed and one or two items ticked on this screen.
The simple-to-use WinTaxCo program menu allows you to change the active tax-year and make any tax-year active simply by clicking on the tax-year 2012, 2013, 2014 or 2015 on the icon toolbar. The tax-year you select will be-active for all calculators which means you can switch between the tax-years to see the differences in the answers.
The menu also offers easy access to the following sections:
- The Tax Computation.
- Note that the Tax Computation also checks and verifies amounts on the balance sheet.
- Company Capital Gain Tax calculator which allows you to optionally export taxable Capital Gain/Loss amounts to the Tax Computation. Includes Net Book Value and depreciation added to Tax Comp s4, inclusion amounts etc. Local as well as foreign gains/losses, inclusion rates for the active tax year, all 3 methods allowed by SARS of determining gains.
- Search for, and display/print, a reminder-list of all companies with CIPC renewals due in any selected month.
- Financial Information screens (part of the new ITR14).
- ITR34 Reconciliation screen/calculator.
- Provisional Tax Calculator & record of Prov Taxes paid.
- All options offer reports printed either to the printer or exported to WORD or XL for editing before printing or emailing.
- Yearly Trends reports.
- Ratio’s reports.
- Inflation or forward-cost projections as well as depreciation calculations.
- 3 different loan calculators to calculate any unknown factor in the loan equation. Annual and monthly amorisations with 3-D colour graphs.
- Life of invested capital drawing inflation linked income with tax implications included. Amortisation with 3-D colour graphs.
- Banking calculations such as Daily balance and Nominal to Effective convertor.
- Real Rate of Return.
- Comprehensive program HELP (PDF document) available on-screen at the click of a button.
Plus a host of calculators for personal-tax staff related tax issues such as:
- Staff fringe benefit calculators for low-interest loans, company house, travel claim calculators, use of company car assessment claims as well as dispaying the 80% or 20% fringe benefit amounts to be added salaries paid monthly, fortnightly or weekly.
- Quick Tax personal tax calculator showing tax commitment, rebates and average rates for the tax year which is active.
- All calculators use the tax legislation applicable for whichever tax-year you have active. Swop between active tax years to see the answers for different tax-years.
- EMP10 calculators displaying salary amounts such as PAYE, UIF, medical tax credits – even SDL – with all the difficult calculations such as bonuses and partial periods handled with ease and with 100% accuracy. Caters for IRP5’s as well as salaries/wages for staff personnel paid daily, weekly, fortnightly or monthly.
First page and last page screens of the Tax Computation are shown here. The Tax Comp screen also checks and verifies Balance Sheet figures. Amounts such as a loss b/fwd are automatically b/fwd from the previous tax year to the Tax Comp screen. Tax amounts paid on the Provisional Estimate screen are also imported automatically to the Tax Comp screen.
ADDITIONAL COMPANY DETAILS
WinTaxCo provides the screens for all the additional Company Details required by SARS on the ITR14. These screens are merely here for you in case you want to make use of them. Whether you make use of these screens, and complete this data, or not makes no difference at all to the Tax Computation and other options in WinTaxCo such as yearly Trends, Ratio’s etc.
The Ratio’s screen. The ratio’s most commonly used by accountants are shown. No doubt more ratio’s will be added in future updates. Updates of this nature, including extra features for by customers, are completely free for download.
The first page and last page screens of the annual Trends (% difference between tax-years of all amounts on the ITR14 is displayed). The TABs at the top of the screens show the rest of the screen pages.
The CGT calculator in WinTaxCo will accept an unlimited number of company capital gain transactions in any tax year (just keep clicking on the ADD button to add more transactions). The inclusion amounts (or losses) for all local and foreign transactions are transferred to the Tax Computation at the click of a button. The calculator automatically uses the valuation method, the time-apportioned base cost method or the 80%|20% method according to the data you enter. The CGT laws for the active tax year are used by the CGT calculator. Net Book Value, inclusion amount transferred to Tax Computation as well as wear & tear in terms of s4.
This IT34 Recon screen shows the difference between the values from the WinTaxCo program compared to the values on the IT34 from SARS. Values calculated by the WinTaxCo Tax Computation will be displayed here and compared to the amounts on SARS’s IT34.
PROV TAX CALCULATOR
The Prov Tax calculator screen shows the year’s provisional tax periods, amounts due, amounts paid, dates paid and carries the amounts over from the 1st period to the 2nd period etc. If you click on the date-block then today’s date will be inserted but you can edit the date to any other date if desired. The taxes paid are all automatically sent to the Tax Computation.
The use-of-company-vehicle calculator not only shows the correct claim against taxable income, it also shows SARS’s claim according to SARS’s formula. The WinTaxCo HELP explains any discrepancies. The screen also shows the fringe benefit amount the employer must include in the employer’s salary at source to determine PAYE to be deducted.
TRAVEL CLAIM CALCULATOR
The travel claim calculator works for any scenarios including cases where a travel allowance was received and for cases where no allowance was received; such as a commission-only rep or self-employed taxpayer. The cents/kms tables used depend on what tax year is active.
WAGES & IRP5 CHECKER
Company staff’s wages & IRP5 checker. Shows PAYE, medical tax credits, UIF, SDL etc for staff personnel’s wages paid Monthly, Weekly, Fortnightly or Daily. Handles difficult calculations such as partial work-periods and bonuses with ease and 100% accurately.
BUSINESS & PERSONAL CALCULATORS
A host of business and personal calculators are provided in WinTaxCo and screen pictures of some of them are shown here. Many calculators have “spin buttons” for rapidly spinning things like interest rates, inflation/appreciation/depreciation rates and periods such as years or days and the calculated answers change accordingly. Many calculators have amorisation tables and 3-D colour graphs. Some of the calculators NOT shown here are Loan Buster, Loan Comparison, Nominal to Effective Rate converters, Real Rate of Return, QuickTax personal tax calculator etc.